The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 386 units in September 2019. This was up 4% (15 sales) from September 2018 and was in line with historically average levels for the month.
On a year-to-date basis, home sales totalled 3,248 units over the first nine months of the year, down 4% from the same period in 2018 owing to the slow start to this year.
“Home sales were steady at pretty average levels this summer and that trend seems to be carrying over into the fall,” said Leah Mayer, President of the BC Northern Real Estate Board. “On the supply side, while inventories are up a bit from last year, they are still at somewhat subdued levels compared to most of the past decade. As such, the balance of supply and demand in the market is tilted towards the tighter side of balanced territory, and prices are on track for another gain in the 5% range this year.”
The average price of homes sold in September 2019 was $305,134, up 6.4% from September 2018.
The more comprehensive year-to-date average price was $309,627, rising 5.4% from the first nine months of 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 September 2019 was $117.8 million, climbing 10.7% from the same month in 2018. This was a new record for the month of September.
There were 511 new residential listings in September 2019, down a small 1.7% (nine listings) on a year-over-year basis. It was the lowest September new supply reading in 16 years.
Active residential listings numbered 2,425 units at the end of September. This was up 6.2% from the end of September 2018 but remained below the same time in every other year in the past decade.
Months of inventory numbered 6.3 at the end of September 2019, basically unchanged from the 6.2 months recorded at the end of September 2018 and about a month below the long-run average of 7.4 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 437 units in September 2019, up 3.8% from September 2018. The total value of all properties sold was $130.1 million, rising 14.9% from September 2018.