PRINCE GEORGE – The number of homes sold through the MLS® System of the BC Northern Real Estate Board came in slightly below year-ago levels in November 2015. According to the Board’s statistics, home sales totaled 266 units in November 2015. This was down 2.9 percent from November 2014.
“Home sales have been slowing over the second half of the year, and November continued the trend with activity coming in about 25 sales below a typical November,” said David Black, President of the BC Northern Real Estate Board. “With demand and supply well balanced at the moment, the average sale price is on track for a modest increase this year.”
The average price of homes sold in November 2015 was $259,301, down 3.5 percent from November 2014. The less volatile year-to-date average sale price was $265,413, an increase of 1.2 percent from 2014.
The Board advises interested individuals 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 per cent of the province).
The dollar value of all home sales in November 2015 was $69 million, down 6.3 percent from the record last year. There were 378 new listings on the Board’s MLS® System in November 2015, up 6.5 percent on a year-over-year basis. Active residential listings on the Board’s MLS® System numbered 2,166 units at the end of November, down 3.4 percent from the end of November 2014.
There were 8.1 months of inventory at the end of November 2015, essentially unchanged from 8.2 months at the end of November 2014 and on par with the long-run average 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 327 units in November, an increase of 0.9 percent from November 2014. The total value of all properties sold was $82.6 million, declining 3.8 percent from November 2014.
To learn more visit the BC Northern Real Estate Board website at: www.bcnreb.bc.ca/home.
