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BC Northern home sales pull back to average levels to start 2019

The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 203 units in January 2019. This was a decrease of 11.7% from January 2018 and was a just a couple of transactions ahead of both the five and 10-year averages for that month.

“Home sales edged back to more average levels in January following a strong final quarter in 2018,” said Courtney Smith, President of the BC Northern Real Estate Board. “Nonetheless, with inventories sitting at a 12-year low, the average sale price posted another big year-over-year gain. That said, part of that gain was also the result of a weak patch a year-ago.”

The average price of homes sold in January 2019 was $286,731, up 8.6% from January 2018.

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 January 2019 was $58.2 million, down 4.2% from the same month in 2018.

There were 403 new residential listings in January 2019, down a slight 0.5% (two listings) on a year-over-year basis.

Active residential listings numbered 1,500 units at the end of January. This was down 7.6% from the end of January 2018 and marked the lowest inventory reading for this time of the year since 2007.

Months of inventory numbered 7.4 at the end of January 2019, up a bit from the 7.1 months recorded at the end of January 2018 but below the long-run average of 9.6 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 250 units in January 2019, a decrease of 10.4% from January 2018. The total value of all properties sold was $67.9 million, down 4.2% from January 2018.

Important information

The BC Northern Real Estate Board is an association of about 390 REALTORS® that provides services to and sets standards for members.

The BC Northern Real Estate Board covers the northern part of British Columbia, including Bulkley Nechako, Cariboo, Fraser Fort George, Peace River/Fort Nelson, and Skeena/Queen Charlottes.