The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 375 units in July 2022, declining 24.7% from July 2021.
Home sales were 19.3% below the five-year average and 17.8% below the 10-year average for the month of July.
On a year-to-date basis, home sales totaled 2,813 units over the first seven months of the year. This was a decrease of 16.6% from the same period in 2021.
“Sales activity continued to decline in July, falling from stronger levels at the same time last year but also remaining on a downward monthly trend,” said Wynnette Lowes, President of the BC Northern Real Estate Board. “With interest rates rising to the highest levels anyone has seen in recent memory and more rate hikes forecast on the horizon, it’s likely that housing markets like ours will continue to experience dampened activity for the time being as buyers and sellers adjust to the new environment.”
The average price of homes sold in July 2022 was $409,548, up by 6.5% from July 2021.
The more comprehensive year-to-date average price was $419,021, an increase of 11.5% from the first seven months of 2021.
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 July 2022 was $153.6 million, a reduction of 19.8% from the same month in 2021.
The number of new listings edged down 0.3% (two listings) from July 2021. There were 660 new residential listings in July 2022. This was the lowest number of new listings added in the month of July in five years.
New listings were 6.9% below the five-year average and 8.3% below the 10-year average for the month of July.
Active residential listings numbered 1,985 units on the market at the end of July, a gain of 4.5% from the end of July 2021.
Active listings were 12.2% below the five-year average and 25.8% below the 10-year average for the month of July.
Months of inventory numbered 5.3 at the end of July 2022, up from the 3.8 months recorded at the end of July 2021 and below the long-run average of 6 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.