- Posted by Doreen Husk
- On March 24, 2016
- 10 Comments
The dollar value of home sales in the province amounted to $54.3 million in February 2016, down 0.4 per cent from a year earlier.
The number of new residential listings on the Association’s MLS® System rose 23.7 per cent from a year earlier to 857 units.
The overall supply of homes on the market is currently running at historically elevated levels but has come down a bit from the peak a year ago. Active residential listings numbered 2,895 units at the end of February 2016, down 1.5 per cent from the same time a year earlier.
There were 14.3 months of inventory at the end of February 2016, down from 15.2 at the end of February 2015. This remains above the long-run average for months of inventory at this time of the 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.