Months of inventory for single detached homes numbered 4.9 at the end of the fourth quarter of 2019, down from the 7.6 months recorded at the end of the fourth quarter of 2018.
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.
With a tighter market, homes spent less time on the market in the fourth quarter of 2019 than they had a year earlier.
The median number of days on market for single detached homes was 52.5 in the fourth quarter of 2019, down from 71 days in the fourth quarter of 2018.
Information compiled in the MLS® Statistics reports include data from OREB and RCREB.