Real Estate Sales In November Drop

Saturday, December 13, 2008 05:14 AM

Prince George, B.C.- The BC Northern real estate Board which includes Prince George, reports that year to date sales of residential units are down 25% compared to January to November of last year.The B.C. Northern Board also indicates the average price of a home is up 10.5% as of the end of November, compared to the same eleven months in 2007.

Provincially, the story is a little different as residential sales were down 62 per cent to 2,707 units during the January to November period. The average MLS® residential price in the province was $395,687, down 12.5 per cent from November 2007.

"The average sale price of a home in the province hit a 26-month low in November," said Cameron Muir, BCREA Chief Economist. "The irony of markets is that there’s no shortage of buyers when prices are near a peak and a scarcity of buyers when prices are near a trough." Home prices were 8 per cent lower in November 2008—nine months after the peak—than they were nine months prior to the peak.

Previous Story - Next Story

Email |

Print |

Facebook |

Twitter |

Digg |

Del.icio.us

Posted on Saturday, December 13, 2008 05:14 AM in News by 250 News

Return to Home

Comments

Posted by: Chester on December 13 2008 9:02 AM

Time for prices to come back down. They were over inflated anyway. It's so typical that people rush in to buy houses when they are increasing 30% per year. Now, when they are beginning to look attractive, nobody wants to buy.

Posted by: Bridge on December 13 2008 10:40 AM

Buy high and sell low is how it works. Thats for those who have to much money.

cheers

Posted by: MrPG on December 13 2008 10:46 AM

The number of sales has dropped, but prices around here haven't dropped much at all. This tells me there are a lot of people trying to sell their house and 'cash out' when they really don't have to move.

Posted by: Junco on December 13 2008 12:24 PM

The prices will drop. Right now there are a lot of people who bought at a high price and still think the house is worth what they paid for it. The houses that have been selling have been realistically priced because either the owner knows they have to take a loss in order to sell in this fast crumbling market or they bought when prices were low and can afford to price the house in a bracket where it will attract the few and far between buyers.
This summer will be the litmus test for buyers who think their homes are worth what they are asking. I think that sadly, a new reality in home values for PG is fast approaching.

Posted by: He speaks on December 13 2008 5:25 PM

lived here for 45 years. up and down, thats Prince George. your average 1000 sf bungalow, hit the peak of $230k, it is at about $190k now, and will likely fall all the way down to $125k before it comes back up.

That's Prince George, we don't build than we over build. It's been like this for the past 30 years and it is not going to change.

Posted by: Eagleone on December 15 2008 3:33 AM

Well if market conditions don't improve and the pulp mills don't start up as anticipated after the Christmas shut down... then who knows how much house prices will go up on that news....