The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 344 units in November 2018. This was an increase of 12.4% from November 2017 and was the highest level for the month since 2007.
On a year-to-date basis, home sales totalled 4,186 units over the first 11 months of the year, up 3% from the same period in 2017. With one month left to go in 2018, sales are on track for their best year since 2014.
“While activity has been steadily improving all year, October saw quite a big jump and November built even further on that, with sales hitting their highest level in over a decade,” said Court Smith, President of the BC Northern Real Estate Board. “Meanwhile, with inventories now at their lowest level since 2006, prices are on track for a gain of about 7.5% in 2018.”
The average price of homes sold in November 2018 was $295,568, rising 11.5% from November 2017.
The more comprehensive year-to-date average price was $295,521, up 7.5% from the first 11 months of 2017.
The Board cautions that the average residential price is a useful figure only for establishing trends and comparisons over a period of time. It does not indicate an actual price for a home due to the wide selection of housing available over a vast geographic area (the Board serves an area covering over 600,000 square kilometers or 72% of the province).
The dollar value of all home sales in November 2018 was $101.7 million, rising 25.4% from the same month in 2017. This was the first time on record that the dollar value of November sales has topped the $100 million mark.
There were 364 new residential listings in November 2018, up 2.5% (nine listings) on a year-over-year basis.
Active residential listings numbered 1,768 units at the end of November. This was a decrease of 11.8% from the end of November 2017 and was the lowest number of active listings for the month since 2006.
Months of inventory numbered 5.1 at the end of November 2018, down from the 6.6 months recorded at the end of November 2017 and below the long-run average of 7.8 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Sales of all property types numbered 413 units in November 2018, an increase of 13.8% from November 2017. The total value of all properties sold was $121.8 million, rising 25.9% from November 2017.