The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 485 units in June 2018. This was a decrease of 10% from June 2017, which was a decade-high for the month. June 2018 sales were fairly average for that month.
On a year-to-date basis, home sales totalled 2,116 units over the first six months of the year. This was down just 3.3% from the same period in 2017 but stood slightly above 2015 and 2016.
“Home sales were running at fairly normal levels for the month of June, above the 10-year average for that month but a little below the five-year average,” said Court Smith, President of the BC Northern Real Estate Board. “Even so, with inventories at an 11-year low, prices are on track for a second straight solid increase in 2018.”
The average price of homes sold in June 2018 was a record $310,569, up 7.2% from June 2017. It was the first time that the monthly average home price has ever topped the $300,000 mark.
The more comprehensive year-to-date average price was $292,911, up 4.7% from the first six 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 June 2018 was $150.6 million, edging down 3.6% from the same month in 2017. That said, it was still the second highest dollar volume of any month in history.
There were 809 new residential listings in June 2018. This was a decrease of 11.9% on a year-over-year basis.
Active residential listings numbered 2,338 units at the end of June. This was a decrease of 14.3% from the end of June 2017 and was the lowest level of active listings for the month since 2007.
Months of inventory numbered 4.8 at the end of June 2018, down a bit from the 5.1 months recorded at the end of June 2017 and below the long-run average of 7 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 557 units in June 2018, a decrease of 10.3% from June 2017. The total value of all properties sold was $165.6 million, edging down 1.1% from June 2017.