The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 412 units in October 2017. This was an increase of 20.8% from the previous October and was the highest level for October since 2007.
On a year-to-date basis, home sales totalled 3,758 units over the first ten months of the year. This was up 3.1% from the same period in 2016.
“Home sales have bounced back nicely in September and October following a quieter than normal summer owing to the wildfire situation in many parts of the Cariboo region,” said John Evans, President of the BC Northern Real Estate Board. “October sales hit the highest for that month in a decade.”
The average price of homes sold in October 2017 was $249,618, down 6% from October 2016. The less volatile year-to-date average price rose 4.5% from the first ten months of 2016 to reach $275,581.
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 October 2017 was $102.8 million, climbing 13.6% from the same month in 2016.
There were 469 new listings on the Board’s MLS® System in October 2017, about average for the month but up 18.4% from record-low in October 2016.
Active residential listings on the Board’s MLS® System numbered 2,258 units at the end of October, a decline of 6.9% from the end of October 2016. This was the lowest level for active listings in the month of October in a decade.
There were 5.5 months of inventory at the end of October 2017, down from 7.1 months at the end of October 2016 and below the long-run average 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 477 units in October, up 19% from October 2016. The total value of all properties sold was $118 million, up 16.9% from October 2016.