The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 286 units in March 2024. This was essentially unchanged, down just 0.7% (two sales) from March 2023.
Home sales were 21.8% below the five-year average and 16.5% below the 10-year average for the month of March.
On a year-to-date basis, home sales totaled 695 units over the first three months of the year. This was a sizable gain of 11.9% from the same period in 2023.
“Activity has been moving sideways for the past few months without much of a swing in either direction,” said Kristine Newell, Chair of the BC Northern Real Estate Board. “There’s been a slight uptick in new supply coming onto the market but nothing signifying a major departure from the ongoing trends. Right now, it seems like things are slow but steady leading up to the busiest time of the year for real estate. Meanwhile, it’s looking like buyers may have to wait an extra few months until the second half of the year for a first rate cut from the Bank of Canada.”
The average price of homes sold in March 2024 was $418,525, increasing by 9% from March 2023.
The more comprehensive year-to-date average price was $403,951, a gain of 7.1% from the first three months of 2023.
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 March 2024 was $119.7 million, up by 8.2% from the same month in 2023.
The number of new listings saw an increase of 8.2% from March 2023. There were 607 new residential listings in March 2024.
New listings were 3.1% below the five-year average and 6.3% below the 10-year average for the month of March.
Active residential listings numbered 1,591 units on the market at the end of March, a small gain of 3.8% from the end of March 2023.
Active listings were 5.4% above the five-year average and 15.2% below the 10-year average for the month of March.
Months of inventory numbered 5.6 at the end of March 2024, up from the 5.3 months recorded at the end of March 2023 and below the long-run average of 5.9 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.
The BC Northern Real Estate Board is an association of about 410 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/North Coast.
The BC Northern Real Estate Board is an association of over 410 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/North Coast.
