The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 427 units in June 2024. This was up only 0.9% (four sales) from June 2023.
Home sales were 7.3% below the five-year average and 10.3% below the 10-year average for the month of June.
On a year-to-date basis, home sales totaled 1,970 units over the first six months of the year. This was up by 12.4% from the same period in 2023.
“Home sales may have come in just a little above last year’s June levels, but this masks the trend of everything that’s happened in between,” said Kristine Newell, Chair of the BC Northern Real Estate Board. “Since bottoming out in the winter of 2023 our housing market has been on a steady path upwards, with this June marking the strongest activity we’ve seen in two years accounting for seasonality. There was an unexpected drop in new listings in June. Combined with strong demand this resulted in a decline in inventories and helped propel average prices to their highest level on record and the first time they’ve ever come in above $450K.”
The average price of homes sold in June 2024 was a record $451,623, an increase of 4.5% from June 2023.
The more comprehensive year-to-date average price was $423,332, a moderate gain of 4.7% from the first six months of 2023.
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 June 2024 was $192.8 million, increasing by 5.5% from the same month in 2023.
The number of new listings saw a sharp decrease of 17.3% from June 2023. There were 677 new residential listings in June 2024. This was the lowest number of new listings added in the month of June in more than two decades.
New listings were 15.8% below the five-year average and 15.6% below the 10-year average for the month of June.
Active residential listings numbered 2,139 units on the market at the end of June, up modestly by 2.3% from the end of June 2023.
Active listings were 4.7% above the five-year average and 11.8% below the 10-year average for the month of June.
Months of inventory numbered 5 at the end of June 2024, up from the 4.9 months recorded at the end of June 2023 and below the long-run average of 5.1 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.
The BC Northern Real Estate Board is an association of about 410 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/North Coast.
The BC Northern Real Estate Board is an association of over 410 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/North Coast.
