The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 304 units in November 2024. This was up by 20.2% from November 2023.
Home sales were 5.3% below the five-year average and 1.9% below the 10-year average for the month of November.
On a year-to-date basis, home sales totaled 3,843 units over the first 11 months of the year. This was an increase of 10.3% from the same period in 2023.
“Sales activity came in at strong levels in November, following on the heels of a rapid increase in October and bringing activity almost back in line with long-term averages for this time of year,” said Kristine Newell, Chair of the BC Northern Real Estate Board. “With new supply trending downward as we wind up the year, the market has been tightening due to increased demand. Prices are generally trending upward but at a modest pace for the time being, while overall inventories are slowly on the decline.”
The average price of homes sold in November 2024 was $418,495, a moderate gain of 5.6% from November 2023.
The more comprehensive year-to-date average price was $426,204, increasing by 3.3% from the first 11 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 November 2024 was $127.2 million, a gain of 26.9% from the same month in 2023.
The number of new listings was down modestly by 2% (six listings) from November 2023. There were 299 new residential listings in November 2024. This was the lowest number of new listings added in the month of November in more than 35 years.
New listings were 4.7% below the five-year average and 10% below the 10-year average for the month of November.
Active residential listings numbered 1,419 units on the market at the end of November, a decrease of 9.6% from the end of November 2023.
Active listings were 0.3% above the five-year average and 18.4% below the 10-year average for the month of November.
Months of inventory numbered 4.7 at the end of November 2024, down from the 6.2 months recorded at the end of November 2023 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.
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.
