Home Sales Down by 44%

By 250 News

Prince George, B.C.- In the first quarter of 2009 sales of properties of all types through the MLS® were down by 44% over the same period last year. 

To the end of March, 2009, a total of 589 properties with a value of $117,045,538 changed hands in the area serviced by the BC Northern Real Estate Board, compared with 1,051 properties worth $219,611,298 in the first quarter of 2008.

As of March 31^st, 2009, there were 4,018 properties of all types available for sale, up from 3,604 at this time last year.

President Gary Shannon says it’s a buyers market “Listing inventory is up slightly over last year, providing better selection for buyers. While buyers may be more cautious this year, improving affordability is providing an incentive for buyers to get into the market now, rather than wait.”

Shannon says homes haven’t been this affordable for a number of years but predicts that as the  market improves, prices and mortgage rates will rise.

Fraser Fort George Region

Prince George: 208 properties of all types, worth $45.7 million have changed hands in the first 3 months of 2009 in the City of Prince George compared with 290 properties worth $64.2 million for the same period last year.

In the west part of the City, the median price of the 47 single family homes that have sold on MLS® was $189,000.

In the area east of the By-pass, the 29 single family houses that sold had a median price of $173,500.

In the northern part of the City, commonly referred to as “the Hart”, 36 single family homes sold with a median price of $249,900.

In the southwest section 38 houses have sold since January with a median price of $290,000. 

At the end of March there were 683 properties of all types on the MLS® within the City limits, compared to 779 properties at the same time last year.

Cariboo Region

100 Mile House and area: A total of 40 properties of all types, worth $8.17 million have been sold by REALTORS® in the area since January. This compares with 96 properties worth $23.8 million sold by the same time last year. In addition to the 15 single family homes that sold, 6 parcels of vacant land, 11 homes on acreage and 5 manufactured homes on land changed hands so far this year. At the end of the quarter there were 537 properties of all kinds available for purchase through the MLS® - up from 409 properties last year.

 Williams Lake: 39 properties have sold so far this year through MLS® in the Williams Lake area, compared with 94 properties in 2008. The value of these properties was $8.6 million ($19.6 million in 2008). In addition to 9 single family homes, 7 townhouses, 10 homes on acreage, 4 manufactured homes in parks and a further 3 manufactured homes on land sold in the first quarter. As of March 31^st there were 381 properties listed on the MLS® in the area, up from 320 at the end of March last year.

Quesnel: In the Quesnel area, REALTORS® reported 30 sales worth $4.9 million in the first 3 months of 2009, compared to 63 sales worth $8.1 million to March 31^st of last year. In addition to the 13 single family homes that sold, 2 townhouses, 6 homes on acreage, 2 manufactured homes in parks and a further 4 on land changed hands so far this year. There were 222 properties of all types available for purchase through the MLS® in the Quesnel area at the end of March, down slightly from 237 properties available at this time last year.

Northwest Region

Prince Rupert: 10 properties worth $1.67 million have sold through the MLS® so far this year, compared to 47 properties worth $9.5 million in the first quarter of 2008. As of March 31^st there were 235 properties of all types available for purchase through the MLS®, up from 167 properties last year.

Terrace: REALTORS® in Terrace have sold 49 properties worth $8.7 million so far this year compared to 65 properties worth $12.7 million in the first quarter of 2008. 26 single family homes, 5 parcels of vacant land, 3 half duplexes, 4 homes on acreage, 4 manufactured homes in parks and a further 4 on land sold in the first 3 months. As of March 31^st there were 242 properties of all types available for sale in the Terrace area, up from 188 properties on MLS® at this time last year.

 Kitimat: 12 properties worth $1.875 million sold through the MLS® in the Kitimat area in the first quarter of 2009 compared to 36 properties worth $4.4 million in the first 3 months of 2008. At the end of March there were 103 properties of all types available on the MLS® in Kitimat, up from 79 at this time last year.

Bulkley Nechako Region

Smithers: REALTORS® in the Smithers area reported 31 sales with a value of $5.2 million in the first 3 months of 2009, compared to 52 sales worth $11.2 million to March 31^st, 2008. In addition to the 16 single family homes that sold, 5 homes on acreage, 7 manufactured homes in parks and 2 on land, changed hands this year. As of March 31^st there were 219 properties available for purchase through the MLS® in the Smithers area compared to 165 at this time last year.

Burns Lake: Ten properties worth $970,000 changed hands since January 1^st, compared to 19 properties worth $1.7 million in the first 3 months of 2008. At the end of March there were 137 properties of all types available for sale through the MLS® in the Burns Lake area, compared with 128 properties last year.

Vanderhoof: REALTORS® in the Vanderhoof area have reported 5 sales with a total value of $592,000 in the first quarter of 2009 compared with 38 sales worth $6.2 million to March 31^st, 2008. As of March 31^st there were 105 properties of all types available for sale in the Vanderhoof area compared with 85 properties last year.

Northern Region

Fort St. John: REALTORS® assisted in the sale of 80 properties worth $17.9 million in the first quarter of 2009 compared to 155 properties worth $41.6 million during the same time last year. In addition to the 44 single family homes that sold, 8 parcels of vacant land, 6 half duplexes, 2 townhouses, 2 homes on acreage, 5 manufactured homes in parks and 8 on land changed hands so far this year. At the end of March there were 484 properties available for purchase in the Fort St. John area, down from last year’s 551.

Fort Nelson: 12 properties with a value of $3.5 million were reported sold by REALTORS® in the Fort Nelson area, up just slightly from 11 properties worth $2.8 million in the first quarter of 2008. As of March 31^st there were 69 properties available for purchase on the MLS® compared to 100 at this time last year.

 Average Selling Price (Year to Date)

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