By Cheryl Jahn

Northern BC bucks national real estate trends

Jun 25, 2024 | 2:54 PM

PRINCE GEORGE – The number of homes sold through the MLS® System of the BC Northern Real Estate Board totalled 493 units in May 2024. This was a gain of 17.1% from May 2023.

Home sales were 4.3% above the five-year average and 6.6% above the 10-year average for the month of May.

On a year-to-date basis, home sales totalled 1,543 units over the first five months of the year. This was up by 16% from the same period in 2023.

“May’s strong showing in demand continues the solid momentum that has been building in our housing market since the beginning of the year,” said Kristine Newell, Chair of the BC Northern Real Estate Board. “The market balance swung back into seller’s territory, although we’ve been seeing a seesaw pattern from month-to-month as buyers and sellers continue taking turns moving in and out. Almost halfway through the year our sales figures are standing well above the same period from 2023 and we expect this trend to continue as we move forward.”

The average price of homes sold in May 2024 was $418,408, essentially unchanged, up just 0.3% from May 2023.

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The more comprehensive year-to-date average price was $415,551, a moderate gain of 5.1% from the first five 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