The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 449 units in August 2018. This was an increase of 17.2% from August 2017 and was the highest August sales figure since 2007.
On a year-to-date basis, home sales totalled 3,011 units over the first eight months of the year. This was up 2.6% from 2017 and marked a four-year high for the period.
“Home sales were running at solid levels in August, still nowhere near the kinds of levels recorded back in the 2005-2007 period, but above every other month of August on record,” said Court Smith, President of the BC Northern Real Estate Board. “With sales at an 11-year high and inventories at an 11-year low, prices are on track for a gain of about 5% in 2018.”
The average price of homes sold in August 2018 was $291,870, edging up 1.3% from August 2017.
The more comprehensive year-to-date average price was $294,619, up 4.8% from the first eight months of 2017.
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 August 2018 was $131 million, rising 18.7% from the same month in 2017. This was a new record for the month.
There were 634 new residential listings in August 2018. This was down 6.6% on a year-over-year basis.
Active residential listings numbered 2,441 units at the end of August. This was a decrease of 12.6% from the end of August 2017 and was the lowest level of active listings at this time of the year since 2007.
Months of inventory numbered 5.4 at the end of August 2018, down from the 7.3 months recorded at the end of August 2017 and below the long-run average, also 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 511 units in August 2018, an increase of 16.4% from August 2017. The total value of all properties sold was $140.7 million, up 14.8% from August 2017.