The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 307 units in March 2018. This was a decrease of 12.5% from March 2017.
On a year-to-date basis, home sales totalled 764 units over the first three months of the year. This was down just 3.9% from the same period in 2017.
“Similar to February, home sales were running at fairly normal levels in March, standing just 10 transactions below the 10-year average for that month,” said Court Smith, President of the BC Northern Real Estate Board. “The bigger story in recent months has been the shortage of new supply, which has caused the sales-to-new listings ratio to rise considerably and may also explain part of why we have seen a bit of a slowdown in sales to start the year.”
The average price of homes sold in March 2018 was $282,684, up 4% from March 2017.
The more comprehensive year-to-date average price was $278,412, up a similar 3.7% from the first three 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 March 2018 was $86.8 million, down 9.1% from the same month in 2017.
There were 494 new residential listings in March 2018. This was a 23.9% drop on a year-over-year basis, and marked the lowest level on record for March new supply.
Active residential listings numbered 1,806 units at the end of March. This was a decrease of 15.3% from the end of March 2017, and an 11-year low for this time of the year.
Months of inventory numbered 5.9 at the end of March 2018, down a bit from the 6.1 months recorded at the end of March 2017 and below the long-run average of 7.2 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 364 units in March 2018, a decrease of 12.1% from March 2017. The total value of all properties sold was $95.2 million, falling 13.4% from March 2017.