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 655 units in May 2021. This was more than double the levels from a year earlier, surging 141.7% from May 2020. This was also a new sales record for the month of May and was the highest level for any month in history.
Home sales were 40.3% above the five-year average and 43.1% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled a record 2,329 units over the first five months of the year. This was more than double the levels from a year earlier, increasing 118.9% from the same period in 2020.
"Home sales have shown absolutely no signs of slowing down, rising to not only a record for the month of May but also the highest level recorded for any month in history," said Sandra Hinchliffe, President of the BC Northern Real Estate Board. "New listings took a step down in May, which means that overall supply levels dropped sharply from the previous month and the market is now facing record tightness. If we don’t see a substantial influx of supply or a cooling of demand, there likely isn’t going to be any relief on the continued upward pressure on prices in the near future."
The average price of homes sold in May 2021 was $380,441, an increase of 17.5% from May 2020.
The more comprehensive year-to-date average price was $372,868, a sizable gain of 21.6% from the first five 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 May 2021 was $249.2 million, more than double the levels from a year earlier, rocketing up 184% from the same month in 2020. This was a new record for the month of May and was also the largest dollar value of homes sold for any month in history.
The number of new listings saw a gain of 24.6% from May 2020. There were 770 new residential listings in May 2021.
New listings were 5.5% below the five-year average and 11% below the 10-year average for the month of May.
Active residential listings numbered 1,663 units on the market at the end of May, down sharply by 20.1% from the end of May 2020. Active listings haven't been this low in the month of May in more than 25 years.
Active listings were 25.7% below the five-year average and 36.8% below the 10-year average for the month of May.
Months of inventory numbered 2.5 at the end of May 2021, down from the 7.7 months recorded at the end of May 2020 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.