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BC Northern home sales come in near average level for May; average price sets new record

The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 430 units in May 2019. This was down 9.5% from May 2018 but stood close to both the five and 10-year averages for the month.

On a year-to-date basis, home sales totalled 1,533 units over the first five months of the year, down 6% from the same period in 2018.

“Home sales were running at fairly normal levels for the month of May but were down a bit from the last couple of years,” said Leah Mayer, President of the BC Northern Real Estate Board. “Even so, with supply still hovering close to a decade low, home prices set a new record in May on their way to what is likely to be another gain in excess of inflation this year.”

The average price of homes sold in May 2019 was a record $313,798, up 4.7% from May 2018.

The more comprehensive year-to-date average price was $303,314, rising 5.4% from the first five months of 2018.

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 May 2019 was $134.9 million, a 5.2% decline from the same month in 2018.

There were 868 new residential listings in May 2019, down 4.4% on a year-over-year basis.

Active residential listings numbered 2,368 units at the end of May. While this was up 7.2% from the end of May 2018, it stood well below the same time in all other years going back a more than a decade.

Months of inventory numbered 5.5 at the end of May 2019, up from the 4.6 months recorded at the end of May 2018 but 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.

Sales of all property types numbered 511 units in May 2019, down 9.1% from May 2018. The total value of all properties sold was $151.5 million, edging down 2% from May 2018.

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.