The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 415 units in April 2022. This was a notable decline of 21.7% from April 2021.
Home sales were 12.2% above the five-year average and 9.8% above the 10-year average for the month of April.
On a year-to-date basis, home sales totaled 1,448 units over the first four months of the year, decreasing 13.4% from the same period in 2021.
“Sales activity came in well below last year’s unprecedented April record but was still trending above average levels for this time of year,” said Wynnette Lowes, President of the BC Northern Real Estate Board. “Demand continues to outpace the rate of new supply coming onto the market and overall inventories are still getting lower each month. With the market still historically tight it’s no surprise that average price levels posted yet another double-digit gain and reached a new all-time record in April.”
The average price of homes sold in April 2022 was a record $445,015, up by 15.3% from April 2021.
The more comprehensive year-to-date average price was $416,951, an increase of 12.7% from the first four months of 2021.
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 April 2022 was $184.7 million, a moderate decrease of 9.7% from the same month in 2021.
The number of new listings fell 22.2% from April 2021. There were 685 new residential listings in April 2022.
New listings were 3.1% above the five-year average and 8.8% below the 10-year average for the month of April.
Active residential listings numbered 1,317 units on the market at the end of April, a decrease of 20.9% from the end of April 2021. Active listings haven’t been this low in the month of April in more than three decades.
Active listings were 27.3% below the five-year average and 41.6% below the 10-year average for the month of April.
Months of inventory numbered 3.2 at the end of April 2022, up from the 3.1 months recorded at the end of April 2021 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.