The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 475 units in May 2018. This was down 6.3% from May 2017.
On a year-to-date basis, home sales totalled 1,631 units over the first five months of the year. This was down just 1.2% from the same period in 2017.
“While home sales were down slightly from last May, they still marked the second best May sales figure in the last 10 years so activity remains solid,” said Court Smith, President of the BC Northern Real Estate Board. “On the supply side, new listings finally rebounded in May after having been at pretty low levels in the previous three months. This may give a boost to sales heading into the summer.”
The average price of homes sold in May 2018 was a record $299,692, up 5.6% from May 2017.
The more comprehensive year-to-date average price was $287,660, up 4% from the first five 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 May 2018 was $142.4 million, edging down 1.1% from the same month in 2017.
There were 908 new residential listings in May 2018. This was a 2.8% decline on a year-over-year basis, but nevertheless marked a noticeable improvement from the double-digit drops recorded in February, March and April.
Active residential listings numbered 2,208 units at the end of May. This was a decrease of 15% from the end of May 2017 and was the lowest level of active listings for this time of the year since 2007.
Months of inventory numbered 4.6 at the end of May 2018, down from the 5.1 months recorded at the end of May 2017 and below the long-run average of 6.5 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 562 units in May 2018, down 4.3% from May 2017. The total value of all properties sold was $154.7 million, edging down 1.8% from May 2017.