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BC Northern home sales rise to hit four-year high for July

The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 466 units in July 2019. This was up 4.5% from July 2018.

On a year-to-date basis, home sales totalled 2,447 units over the first seven months of the year, still 4.5% below the same period in 2018.

“Home sales have picked up a bit this summer, with July seeing the best sales figure for that month since 2015,” said Leah Mayer, President of the BC Northern Real Estate Board. “With the balance of supply and demand in the market still on the tighter side of balanced territory, prices are also on track for another decent gain this year.”

The average price of homes sold in July 2019 was $305,313. This was little changed (-0.1% or just $176) from July 2018.

The more comprehensive year-to-date average price was $310,158, climbing 5.1% from the first seven months of 2018.

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 2019 was $142.3 million, rising 4.4% from the same month in 2018. A monthly dollar volume above the $140 million mark has been recorded fewer than 10 times in the Board’s history.

There were 778 new residential listings in July 2019, almost unchanged (+0.1% or just one listing) on a year-over-year basis.

Active residential listings numbered 2,628 units at the end of July. While this was up 5.9% from the end of July 2018, it stood below every other year in the last decade.

Months of inventory numbered 5.6 at the end of July 2019, unchanged from the end of July 2018 and below the long-run average of 7.3 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.

Sales of all property types numbered 531 units in July 2019, up 3.9% from July 2018. The total value of all properties sold was $162.8 million, rising 7.3% from July 2018.

Important information

The BC Northern Real Estate Board is an association of about 390 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/Queen Charlottes.