The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 344 units in February 2021, a substantial increase of 63% from February 2020. Residential sales haven't hit this level in the month of February in more than a decade.
On a year-to-date basis, home sales totaled 611 units over the first two months of the year. This was a big gain of 57.1% from the same period in 2020.
"Home sales continued their meteoric rise in February as demand shows no signs of slowing down," said Shawna Kinsley, President of the BC Northern Real Estate Board. "There was a modest uptick in new listings, but overall inventory continues to be depleted, pushing prices to new records for the month."
In February 2021 the average price of homes sold was a record $358,536, increasing by 19.1% from February 2020.
The more comprehensive year-to-date average price was $349,081, a gain of 15.9% from the first two 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 February 2021 was $123.3 million, surging 94.1% from the same month in 2020. This was also a new record for the month of February.
The number of new listings saw an increase of 20.3% from February 2020 to hit 486 new residential listings in February 2021.
There were 1,196 active residential listings on the market at the end of February. This was a big decline, of 31.8% from the end of February 2020. Active listings haven't been this low in the month of February in more than three decades.
Months of inventory numbered 3.5 at the end of February 2021, down from the 8.3 months recorded at the end of February 2020 and below the long-run average of 7.9 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.