Real Estate Sales Slide in '08
By 250 News
Wednesday, January 07, 2009 12:09 PM
Prince George, B.C.- The BC Northern Real Estate Board has released its review of 2008. The year ended up down from ’07.There were 4,755 property sales worth $980.98 million in 2008, down from the last year’s 6,639 properties worth $1.233 billion and 2006’s record of 7,045 worth $1.08 billion.
President Willy Berger comments “Considering that we came from two banner years(2006 and 2007), and compared to many other markets, the year 2008 in the BC NorthernReal Estate Board was still reasonable.”
BC Real Estate Association Chief Economist Cameron Muir in the December issue of The Bulletin states: “Financial hardship is typically caused by job loss and/or an onerous jump in interest rates. By comparison, the unemployment rate in BC remains low – only
half what it was ten years ago. Mortgage interest rates are also low from a historical perspective and are expected to stay near their current level at least through 2009.”
Here are the details on the regions:
Fraser Fort George Region
City of Prince George 1270 properties worth $272.61 million sold in 2008, down from 1824 properties worth $474.7 million in 2007. At year end there were 582 properties of all types available through MLS® in the City, compared to 490 at the end of
2007.(2007 numbers appear in brackets)
In the area west of the bypass half of the 272 (348) single family homes that sold, soldfor less than $213,000 ($223,000). As well, 18 apartment units (21), 5 half duplexes (6)and 34 townhomes (66) changed hands. As of December 31 there were 69 single family
homes listed through MLS® in the area, compared to 70 at this time last year.
East of the bypass, 19 apartment units (40), 16 half duplexes (31) and 33 townhomes (50) sold. The 160 single family homes (243) sold had a median value (half sold for less) of $179,000 ($174,000). At the end of December there were 54 single family homes
available for sale through MLS® compared with 51 at the end of 2007.
In the northern part of the city 6 townhomes (7), 22 homes on acreage (23), 33 manufactured homes in parks (43) and an additional 44 on land (90) sold in 2008. Of the 168 single family homes (201) that sold, half sold for less than $270,000 ($262,000). At
year end there were 72 single family homes available through MLS® in the area, compared to 44 the previous year.
In the southwest sector 2 apartment units (1), 8 half duplexes (17), 14 townhomes (22), 12 manufactured homes in parks (28) and 4 on land (5) changed hands last year. Half of the 245 single family homes (274) that sold, sold for less than $275,000 ($286,000). At
the end of December there were 81 single family homes listed on MLS® in the area, upfrom 57 at the end of 2007.
Mackenzie: In spite of its economic woes, unit sales in the area remained stable in 2008 with 45 sales worth $4.10 million changing hands – the same number of sales as in 2007, with a value of $4.66 million. However, at year end, there were 127 properties of all
types available through MLS® in the Mackenzie area, compared to 40 the previous year.
Cariboo:
100 Mile House area, 413 properties worth $87.98 million sold this year, down from 2007’s 740 properties worth $138.2 million. The 97 single family homes that sold in 2008 had a median value (half sold for more) of $235,000. In addition, 132 parcels of
vacant land, 90 homes on acreage, 14 manufactured homes in parks and a further 33 on land, changed hands in 2008. At the end of December there were 493 properties of allkinds available for sale through the MLS® in the 100 Mile House area, up from 294
properties at the end of 2007.
Williams Lake area, 388 sales with a total value of $79.36 million were reported through MLS® in 2008, compared to 578 properties worth $110.77 million in the previous year. Half of the 136 single family homes sold in 2008 sold for less than $222,500. A further 69 parcels of vacant land, 82 homes on acreage, 29 manufactured homes in parks plus 35 on land changed hands. As of December 31st there were 317properties of all types available for sale through the MLS® in the Williams Lake area, up
from 254 properties at the end of 2007.
Quesnel : 316 sales worth $51.99 million in the area in 2008, down from 522 sales valued at $73.59 million in 2007. The median value (half sold for less) of the 135 single family homes that sold was $175,500, while the average selling price of these homes was $187,935. In addition, 36 parcels of vacant land, 51 homes on acreage, 26 manufactured homes in parks and 35 on land were sold through the MLS® in the Quesnel area in 2008. As of December 31st there were 220 properties of all types available for sale through MLS® in the Quesnel area, up slightly from 217 a year ago.
Northwest Region
Prince Rupert, 152 properties worth $28.51 million changed hands in 2008, down from 257 properties worth $44.71 million in 2007. Half of the 109 single family homes sold in 2008 sold for less than $173,500 while the average selling price for these homes was $186,511. In addition, 12 parcels of vacant land changed hands in 2008. At year end there were 252 properties of all types available for sale through MLS® in the Prince Rupert area, up from 157 at December 31st, 2007.
Terrace : 287 sales worth $53.63 million reported, compared with 398 sales worth $62.91 million in 2007. Of the 168 single family homes that sold, half sold for less than $196,000. In addition 28 parcels of vacant land, 26 homes on acreage, 17 manufactured homes in parks and a further 20 on land were reported sold through MLS® in the Terrace area in 2008. As of year end, there were 210 properties of all types available for sale through MLS® in the Terrace area, up from 166 at year end 2007.
Kitimat: The 141 properties that sold in the area were worth $20.93 million, down from the 203 properties worth $25.24 million sold in 2007. The 85 single family homes sold had a median value of $163,800. In addition, 25 half duplexes, 12 townhomes and 8
homes on acreage changed hands in 2008. At December 31st there were 103 properties of all types available through MLS® in the Kitimat area, up from 55 properties at December 31st, 2007.
Bulkley Nechako Region
Houston: While the number of properties sold in 2008 was the same as 2007 – 42 – the value of those properties was $5.55 million, compared to $4.78 million in 2007. The median value of the 21 single family homes sold in 2008 was $142,500. At year end there
were 39 properties of all types available for sale in the Houston area through MLS®, down from 2007’s 44 properties.
Smithers: 217 properties sold through MLS® had a value of $45.15 million, down from 2007’s 427 properties worth $67.72 million. Of the 105 single family homes that sold in 2008, half sold for less than $215,000. In addition, 20 parcels of
vacant land, 44 homes on acreage, 19 manufactured homes in parks and 11 manufactured homes on land changed hands. At December 31st there were 172 properties of all types available through MLS® in the Smithers area, up from 126 at year end of 2007.
Burns Lake 120 properties changed hands, down slightly from 2007’s 127 recorded sales. The value of these properties totaled $12.91 million, also down from 2007’s $14.44 million. 31 single family homes, 29 homes on acreage, 9 townhouses, 5 manufactured
homes in parks and 10 on land, and 27 parcels of vacant land changed hands. At year end there were 139 properties available for sale through MLS® in the Burns Lake area, compared to 111 properties at the end of 2007.
Vanderhoof: The 129 properties that sold in the area in 2008 were worth $22.81 million,down from 2007’s 172 properties worth $24.86 million. Half of the 53 single family homes sold in 2008 sold for less than $169,500 while the average price of these homes
was $173,347. In addition, 30 homes on acreage, 5 manufactured homes in parks, 12 manufactured homes on land and 17 parcels of vacant land sold in 2008. At the end of December there were 107 properties of all types available for sale in the Vanderhoof area
through MLS®, compared to 76 at the end of 2007.
Fort St. James was one community that showed an increase in sales in 2008, with 55 properties worth $4.96 million changing hands, compared with 49 properties worth $4.38 million in 2007. At year end there were 68 properties of all types available for sale in the
Fort St. James area, compared to 41 properties at the end of 2007.
Northern Region
Sales in the northern areas remain strong.
Fort St. John 751 properties worth $200.23 million changed hands in 2008, compared with 716 properties worth $179.95 million in 2007. Of the 348 single family homes sold, half sold for less than $291,500 while the average price for these homes was $305,698. In addition, 84 parcels of vacant land, 77 half duplexes, 19 townhomes, 61 homes on acreage, 45 manufactured homes in parks and 62 on land were sold through MLS® in the area. At year end there were 452 properties of all types available through MLS® in the Fort St. John area, down slightly from the 472 properties available at the same time last year.
Fort Nelson: 138 properties worth $28.76 million changed hands in 2008. This is up from 2007’s 127 properties worth $26.11 million. 68 single family homes sold, 18 manufactured homes in parks and 28 manufactured homes on land changed hands. At year end there were 84 properties listed on the MLS® in the Fort Nelson area, compared to 81 at the end of 2007.
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Posted by: Junco on January 7 2009 3:18 PM
Shows to tell you that you know that their lying when you see their lips move.