Year End Real Estate Sales Down

Thursday, January 07, 2010 03:59 AM

Prince George, B.C.- The number of real estate sales and the value of the sales in 2009 were down from the previous year.

The BC Northern Real Estate Board (BCNREB) reported 4,129 property sales worth $848.33 million in 2009 through the Multiple Listing Service® (MLS®), down from 4,755 sales worth $980.99 million in 2008.

President Gary Shannon comments “In reviewing the statistics for 2009, sales values are down slightly in all areas of the BC Northern Real Estate Board compared with 2008. 2009 had a slow start through January, February and March. Activity increased in April but really

started to show improvement by mid-May. Since then, sales have been stronger throughout the BC Northern Real Estate Board area, with more sales reported in the fourth quarter of thisyear than 2008’s last quarter.”

Fraser Fort George Region

In the City of Prince George 1,211 properties worth $266.29 million sold in 2009, down from 1,270 properties worth $272.61 million in 2008. At year end there were 427 properties of all types available through MLS® in the City compared to 582 properties at the end of

2008.

(2008 numbers appear in brackets)

In the area west of the by-pass, half of the 246 (272) single family homes that sold, sold for less than $204,500 ($213,000). As well, 18 apartment units (18) and 29 townhouses (34) changed hands in 2009. As of December 31 there were 33 single family homes listed through MLS® in this area of the City, compared to 69 at the same time last year.

East of the by-pass 9 apartment units (19) and 14 townhouses (33) sold in 2009. The 148 single family homes (160) sold had a median value of $172,000 ($179,000). At the end of December there were 48 single family homes available for sale through MLS® compared

with 54 at the end of 2008.

In the northern part of the city, commonly referred to as ‘the Hart’, 7 townhouses (6), 41 homes on acreage (22), 30 manufactured homes in parks (33) and 54 manufactured homes on land (44) sold in 2009. Of the 195 single family homes (168) that sold, half sold for less than $245,000 ($270,000). As of December 31st there were 37 single family homes available for sale through MLS® in the area, down from 72 as of year end 2008.

In the southwest sector 9 half duplexes (8), 14 townhouses (14), 6 homes on acreage (5), and 15 manufactured homes in parks (12) changed hands last year. Half of the 228 single family homes sold in 2009 (245), sold for less than 269,900 ($275,000). At the end of December there were 41 single family homes available for sale through MLS® in this area of the City,down from 81 at the end of 2008.

In the Mackenzie area, sales have increased over last year’s levels with 52 properties worth $4.46 million changing hands through MLS® compared to 45 properties worth $4.1 million in2008. As of December 31st there were 129 properties available for sale through MLS® in the Mackenzie area, compared with 127 properties a year ago.

Cariboo Region

In the 100 Mile House area, 369 properties worth $76.26 million sold this year through MLS®, down from 413 properties worth $87.98 million in 2008. The 92 single family homes that sold in 2009 had a median value (half sold for less) of $224,000. In addition,

93 parcels of vacant land, 96 homes on acreage, 8 manufactured homes in parks and a further 33 on land, changed hands in 2009. At the end of December there were 456 properties of all kinds available for sale through MLS® in the 100 Mile House area, down from 493 propertiesat the end of 2008.

In the Williams Lake area, 329 sales worth a total of $62.09 million were reported through MLS® in 2009, compared to 388 sales worth $79.36 million in the previous year. Half of the 106 single family homes sold in 2009 sold for less than $210,000. 31 parcels of vacant land, 75 homes on acreage, 34 manufactured homes in parks plus 34 on land also changed hands in 2009. As of December 31st there were 318 properties of all types available for sale through MLS® in the Williams Lake area (317 in 2008).

REALTORS® reported 272 sales worth $49.44 million in the Quesnel area in 2009, down from 316 sales worth $51.99 million in 2008. The median value of the 124 single family homes that sold was $178,000. In addition, 20 parcels of vacant land, 66 homes on acreage,

20 manufactured homes in parks and 19 on land were sold through MLS® in the Quesnel area in 2008. As of December 31st there were 189 properties of all types available for sale through MLS® in the Quesnel area, down from 220 properties a year ago.

Northwest Region

In Prince Rupert, 115 properties worth $19.37 million changed hands in 2009, down from 152 properties worth $28.51 in 2008. Half of the 93 single family homes sold in 2009 sold for less than $75,000. In addition, 5 parcels of vacant land and 5 homes on acreage changed

hands in 2009. At year end there were 191 properties of all types available for sale through MLS® in the Prince Rupert area, down from 252 at this time last year.

The 258 properties that sold in the Terrace area in 2009 were worth $44.62 million, down from 2008’s 287 properties worth $53.63 million. Of the 151 single family homes that changed hands, half sold for less than $190,000. In addition, 25 parcels of vacant land, 28

homes on acreage, 17 manufactured homes in parks and a further 15 on land were reported sold through MLS® in the Terrace area in 2009. As of year end there were 192 properties of all types available for sale through MLS® in the Terrace area, down from 210 at year end 2008.

In Kitimat 90 properties worth $14.17 million changed hands in 2009, down from 141 properties worth $20.93 million in 2008. Half of the 61 single family homes sold in 2009 sold for less than $147,500. In addition, 8 half duplexes, 10 town homes and 6 homes on acreage

changed hands in 2009. As of December 31st there were 126 properties of all types available for sale through MLS® in the Kitimat area, up from 103 properties at this time last year.

Bulkley Nechako Region

24 properties worth $2.78 million changed hands in the Houston area in 2009, down from 42 properties worth $5.55 million in 2008. The median value of the 16 single family homes that sold was $131,500. At year end there were 45 properties of all types available for sale

through MLS® in Houston, up from 39 properties at December 31st, 2008.

REALTORS® reported 225 sales worth $43.49 million in the Smithers area in 2009, compared to 217 sales worth $45.16 million in 2008. The median value of the 105 single family homes sold in 2009 was $217,000. 30 parcels of vacant land, 44 homes on acreage, 26

manufactured homes in parks and a further 10 manufactured homes on land also changed hands in 2009. As of December 31st there were 174 properties of all types available for sale through MLS® in the Smithers area, compared with 172 properties at the same time last year.

In Burns Lake 86 properties worth $10.28 million changed hands in 2009, down from 120 properties worth $12.91 million in 2008. Half of the 39 single family homes that sold, sold for less than $89,000. Also reported sold were 7 parcels of vacant land, 15 homes on acreage, and 9 manufactured homes on land. At year end there were 119 properties of all types availablefor sale through MLS® in the Burns Lake area, down from 139 properties at December 31st,

2008.

The 84 properties sold in the Vanderhoof area through MLS® in 2009 were worth $12.71 million, down from 2008’s 129 properties worth $22.81 million. Of the 29 single family homes sold in 2009, half sold for less than $160,000. In addition, 13 parcels of vacant land, 19

homes on acreage, 5 manufactured homes in parks and 9 manufactured homes on land changed hands in 2009. As of December 31st there were 105 properties of all types available for sale in the Vanderhoof area, compared with 107 properties at this time in 2008.

In Fort St. James 33 properties worth $3.29 million were reported sold through MLS® in 2009, down from 55 properties worth $4.96 million in 2008. At year end there were 60 properties of all types listed through MLS® in the Fort St. James area, down from 68 properties as of December 31st, 2008.

Northern Region

In Fort St. John 594 properties worth $154.28 million sold through MLS® in 2009, down from 751 properties worth $200.23 million in 2008. Of the 303 single family homes sold in 2009, half sold for less than $295,000. In addition, 69 parcels of vacant land, 42 half

duplexes, 42 homes on acreage, 23 manufactured homes in parks and 69 manufactured homes on land were sold through MLS® in the area. At the end of December 486 properties of all types were available for sale through MLS®, up from 452 properties at the end of 2008.

In Fort Nelson, 90 properties worth $20.17 million were reported sold through MLS® in 2009, down from 138 properties worth $28.77 million in 2008. Of the 41 single family homes sold in 2009, half sold for less than $208,500. 5 parcels of vacant land, 5 homes on acreage, 8 manufactured homes in parks and a further 11 manufactured homes on land also sold in 2009. At year end there were 74 properties of all types available for sale in the Fort Nelson area compared to 84 properties at December 31st, 2008.

President Shannon is optimistic about 2010. “The year 2010 has already started with a flurry of business in our Board area, as first time buyers and investors from other areas are still very active. There are a number of initiatives that will help to ensure continued growth in Northern BC such as oil and gas, mining, Prince Rupert port expansion, the pipe line and many more, but we feel the real estate market in the North will continue to be strong throughout the winter and spring due to our lower prices and historically low interest rates.”

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Posted on Thursday, January 07, 2010 03:59 AM in News by 250 News

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Comments

Posted by: Outwest on January 7 2010 8:38 AM

Eliminate the Salesman and take the Hype out of Selling, do it yourself and be in Control.

Posted by: IMO on January 7 2010 10:07 AM

You know what bugs me about this post? For the last 8 months these same people kept saying that things were good. Sales were up. Yet now when the figures are actually in they are down. Talk about propaganda which tried to make people believe that things were better than they actually were all along. Now in the other post here today a bank is saying that interest rates will go up to 7%. Makes one want to rush out and buy! NOT!

Posted by: Junco on January 7 2010 11:05 AM

I agree IMO, salesmen one and all. Whether it's snake oil or real estate, buyer beware.

Posted by: MrPG on January 7 2010 11:06 AM

"For the last 8 months these same people kept saying that things were good. Sales were up. "

Did anyone actually believe them?

Mr. Shannon is the king of real estate propaganda, he has a vested interest in pumping up prices any way he can. Ask any realtor, it's a buyer's market, it's a seller's market... whatever you want to hear.

Posted by: frankgeorgeson on January 7 2010 5:01 PM

Housing prices will continue to decline as corporations cut wages and benifits; while the government raises user fees and cuts business taxes throught the new harmonized tax grab.

When will we understand that consumer spending drives the economy and not business? When you cut back my over-valued union wages - I cut back - I can afford less for houding!

Perhaps someday the non-union (anti union) forces will understand that many wage rates are generated by union rates. Any one want to guess why the non-union mill in Vanderhoof pays 10 cents and hour more than union rate?

Where will the school and health districts find funding as my income tax drops due to lower wages? Where will the cities find funding as property values drop from my reduced ability to purchase a home due to lower wages? It is estimated that Canada is on the verg of a major funding problem as government spending quickly closes in on 50% of the economy. Who is going to pick up the tab and how???? This is the major question and most people are not looking here.

Oh, sorry, I forgot that only companies, stock markets and executive wages count. But the the top 10 corparate executives collected major consenasation incereses as compared to my 6% drop due to inflation. Who is the problem? Let me see I got less and ... must be me for not having more to spend and give government.

Ladies and gentlemen start your conspirtoy engines!! Locally, the common theme is that an anouncement of a sawmill closure on the day a company restarted contract negotiations was all about wage cuts and nothing else.

Frank

Posted by: Runner46 on January 7 2010 10:52 PM

Arm chair economists, everyone. Hang on to your hats!

Posted by: Harbinger on January 8 2010 8:15 PM

Can't get any "downer" than Tyner Estates Ha ha ha . Maybe next year, eh?

Posted by: Runner46 on January 9 2010 8:18 AM

Yes, tyner ridge is a real eye sore, and it is very sad. In my estimation it will take a long time to become part of the real estate market, unless the prices of the lots falls dramatically.

Posted by: dano on January 9 2010 9:11 PM

mmm very simple. Real estate doubles every 10 years...period. Always has and always will. We (our government) prints money folks. Hard assets hold there value not cash. Always did and always will. If your holding onto real estate just make sure you can handle the mortgage payments for a good time. Learn about being a good landlord! If you can your going to make better returns than anywhere else. If you cannot consider yourself bankrupt!