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BC Northern home sales little changed on year-over-year basis in March; tight market conditions continue to drive prices higher

The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 308 units in March 2019. This was up a slight 0.3% (one sale) from March 2018.

On a year-to-date basis, home sales totalled 741 units over the first three months of the year, down 3% from the same period in 2018 but generally pretty close to the same period in most of the last decade.

“Home sales continue to bounce along at fairly normal levels for this time of the year,” said Leah Mayer, President of the BC Northern Real Estate Board. “Even so, with supply still at more than a decade low, overall conditions remain much more favourable to sellers than to buyers, and we’re likely to see another year of solid price growth as a result.”

The average price of homes sold in March 2019 was $305,132, up 7.9% from March 2018.

The more comprehensive year-to-date average price was $294,873, rising 5.9% from the first three 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 March 2019 was $94 million, up 8.3% from the same month in 2018.

There were 569 new residential listings in March 2019. While this was an increase of 15.2% from the record low for March last year, it was nonetheless still a low reading for this time of the year.

Active residential listings numbered 1,803 units at the end of March. This was little changed (three fewer listings) from the end of March 2018. It was the lowest number of listings for sale at this time of the year since 2007.

Months of inventory numbered 5.9 at the end of March 2019, unchanged from the end of March 2018 and below the long-run average of 7.2 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 354 units in March 2019, down 2.7% (10 sales) from March 2018. The total value of all properties sold was $111.5 million, rising 17% from March 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.