Please note, the year over year percentage change numbers in this report will appear very large due to the periods being compared. Last spring saw some of the lowest reported numbers in history. When compared to this year’s record high numbers, the gains will appear skewed. We have included new comparisons to the 5 and 10-year averages to provide a clear picture of where this spring's numbers compare to the historical averages.
The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 552 units in June 2021. This was up by 26.6% from June 2020. Residential sales haven't hit this level in the month of June in more than a decade.
Home sales were 12.6% above the five-year average and 15% above the 10-year average for the month of June.
On a year-to-date basis, home sales totaled a record 2,879 units over the first six months of the year. This was a substantial increase of 91.9% from the same period in 2020.
"Home sales have stepped back from their skyrocketing pace of the past several months but are still trending well above average, coming in less than 30 sales short of the all-time June record from 2006," said Sandra Hinchliffe, President of the BC Northern Real Estate Board. "Supply is still a major issue in the region and in other parts of the province. Right now, the number of properties available for sale on the market is back to levels unseen since the mid-90s. If demand continues to taper off from record levels, we might begin to see some rebalancing of market conditions but it’s not something that’s going to happen overnight."
The average price of homes sold in June 2021 was $381,583, a sizable gain of 13.8% from June 2020.
The more comprehensive year-to-date average price was $374,592, increasing by 18.9% from the first six months of 2020.
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 2021 was $210.6 million, an advance of 44% from the same month in 2020. This was also a new record for the month of June.
The number of new listings was up by 13.5% from June 2020. There were 833 new residential listings in June 2021.
New listings were 4.2% above the five-year average and 3% above the 10-year average for the month of June.
Active residential listings numbered 1,849 units on the market at the end of June, a substantial decrease of 16.1% from the end of June 2020. Active listings haven't been this low in the month of June in more than 25 years.
Active listings were 22.1% below the five-year average and 32.7% below the 10-year average for the month of June.
Months of inventory numbered 3.3 at the end of June 2021, down from the 5.1 months recorded at the end of June 2020 and below the long-run average of 5.8 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.