Housing Prices Up in Prince George
Prince George, B.C.- Home sales in Prince George are steady but the average selling price is up.
Overall, the average selling price in Prince George during the first half of this year is $300,903, up from the average sale price of $282,254 dollars during the same period a year ago. But there is little change in the number of homes sold, as there were 486 sales during this period in 2015, and 484 during the first six months of 2016.
In its second quarter report, the BC Northern Real Estate Board (BCNREB) reports that as of the end of June, most of the home sales have taken place in the western part of the City, where 143 single family homes have sold and the median price was just over $269 thousand.
It’s the southwest part of the City where there is not only lots of activity (125 single family homes sold) but the highest median price, which was $352 thousand.
In the area east of the Bypass, 95 single family homes have sold and the median price was just over $225 thousand.
In the northern part of the City 110 single family homes sold with a median price of $310,000.
As for the full Northern region, there are what BCNREB President William Lacy calls “Surprisingly bright spots”. Terrace, Kitimat,, Prince Rupert and Mackenzie have all seen increased activity and higher average sale prices.
“We still have some concerns” says Lacy “but many areas are up over last year, which bodes well for the North having a solid year overall. Ideally, we will get a couple of announcements in the later half of the year, and those markets that rely on the bigger economic projects will get the catalyst they need.”
The areas needing a “catalyst” are Fort St. John and Fort Nelson.
Both communities have seen the numbers of homes sold and the selling price, drop. In Fort St. John the average selling price so far this year is $405,421, down from the $422 thousand average price during the same period in 2015.
In Fort Nelson, the average selling price for the first half of the year is just shy of $226 thousand, down from $316, 390 recorded during the same period a year ago.
Below are the Year to date numbers for communities showing sales and average selling prices of single family homes: