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BC Northern home sales up year-over-year in July; hit three-year high for the month

The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 446 units in July 2018. This was an increase of 22.5% from July 2017 and stood above July 2016 as well.

On a year-to-date basis, home sales totalled 2,562 units over the first seven months of the year. This was up just 0.4% (nine sales) from the same period in 2017.

“Home sales were running at solid levels in July, marking a three-year high for that month and standing above the 10-year average as well,” said Court Smith, President of the BC Northern Real Estate Board. “Meanwhile, with inventories at an 11-year low, prices are on track for a second straight increase of more than 5% in 2018.”

The average price of homes sold in July 2018 was $305,489, up 8.6% from July 2017.

The more comprehensive year-to-date average price was $295,101, up 5.4% from the first seven 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 July 2018 was $136.2 million, up 33% from the same month in 2017.

There were 777 new residential listings in July 2018. This was an increase of 25.1%, albeit from the lowest July level in over two decades in July 2017.

Active residential listings numbered 2,481 units at the end of July. This was a decrease of 10.7% from the end of July 2017 and was the lowest level for this time of the year since 2007.

Months of inventory numbered 5.6 at the end of July 2018, down from the 7.6 months recorded at the end of July 2017 and below the long-run average of 7.3 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 511 units in July 2018, an increase of 23.7% from July 2017. The total value of all properties sold was $151.7 million, up 36.1% from July 2017.

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.