Fewer Units Sold in P.G. Last Year, But Average Price Up

Thursday, January 06, 2011 10:42 AM

Prince George, B.C. – The past year saw mixed news for real estate sales in Prince George. While the number of units sold was down compared to 2009, the average selling price was up. In 2010, some 782 units sold and the average selling price was $240,667. In the previous year, 828 units had sold and the average selling price was $235,394.

Overall, the Northern Real Estate Board reports there were 4300 property sales in 2010 with a value of $867.3 million dollars. That compares to 4,129 sales worth $848.3 million in 2009.

Here is how the market shaped up throughout the region:

Fraser Fort George Region

City of Prince George, 1151 properties worth $245.3 million sold in 2010, compared with 1211 properties worth $266.3 million in 2009. At year end there were 552 properties of all types available through MLS® in the City compared to 427 properties at the end of 2009.

In the area west of the by-pass, half of the 244 single family homes that sold, sold for less than $220,000. As well, 20 apartment units and 27 townhomes, changed hands in 2010. As of December 31 there were 75 single family homes listed through MLS® in this area of the City, compared to 33 at the same time last year.

East of the by-pass 13 apartment units and 18 townhomes sold in 2010. The 151 single family homes sold had a median value of $170,000. At the end of December there were 42 single family homes available for sale through MLS® in this area, compared with 48 at the end of 2009.

In the northern part of the city, commonly referred to as ‘the Hart’, 22 homes on acreage, 23 manufactured homes in parks and a further 43 manufactured homes on land sold in 2010. Of the 165 single family homes sold, half sold for less than $249,000. As of December 31^st there were 47 single family homes available through MLS® in this area of the City compared with 37 at the end of 2009.

In the southwest sector 11 half duplexes, 18 townhomes, 7 homes on acreage and 14 manufactured homes in parks sold in 2010. Half of the 210 single family homes sold in 2010 sold for less than $269,000. At year end there were 57 single family homes available for sale through MLS® in the southwest sector, compared with 41 at the end of 2009.

In the Mackenzie area, 140 properties worth $13.1 million were reported sold in 2010, up from 2009’s 52 properties worth $4.5 million. The median value of the 115 single family homes that sold in 2010 was $85,000. At year end there were 85 properties of all types available through MLS® in the Mackenzie area, down from 129 properties at the same time in 2009.

Cariboo Region

In the 100 Mile House area, 351 properties worth $66.9 million sold this year through MLS®, down from 369 properties worth $76.3 million in 2009. The 95 single family homes that sold in 2010 had a median value (half sold for less) of $232,000. In addition, 101 parcels of vacant land, 82 homes on acreage, 23 manufactured homes on land and 24 recreational properties changed hands in 2010. At the end of December there were 661 properties of all types available for sale through MLS® in the 100 Mile House area, up from 456 properties at the end of 2009.

In Williams Lake, 361 sales worth $78.9 million were reported through MLS® in 2010, up from 329 sales worth $62 million the previous year. Half of the 132 single family homes sold in 2010 sold for less than $230,000. 42 parcels of vacant land, 85 homes on acreage, 15 townhomes, 31 manufactured homes in parks and a further 38 manufactured homes on land were also sold in 2010. At the end of 2010 there were 374 properties of all types available through MLS® in the Williams Lake area, up from 318 properties as of December 31, 2009.

264 properties changed hands in the Quesnel area in 2010 through MLS®, compared to 272 properties in 2009. The value of these properties was $44.5 million ($49.4 million in 2009). The median value of the 115 single family homes sold in 2010 was $181,000. In addition, 21 parcels of vacant land, 53 homes on acreage, 27 manufactured homes in parks and a further 26 on land were reported sold in 2010. At year end there were 243 properties of all types available for purchase through MLS® in the Quesnel area, up from 189 properties at the end of 2009.

Northwest Region

In Prince Rupert 117 properties worth $18.9 million changed hands in 2010 compared with 115 properties worth $19.4 million in 2009. Half of the 97 single family homes sold in 2010 sold for less than $170,000. In addition 7 parcels of vacant land sold in 2010. At year end there were 226 properties of all types available through MLS® in the Prince Rupert area, up from 191 a year ago.

The 224 properties that sold in the Terrace area in 2010 were worth $42.5 million compared with 2009’s 258 properties worth $44.6 million. Of the 126 single family homes that changed hands, half sold for less than $198,000. In addition, 21 parcels of vacant land, 24 homes on acreage, 17 manufactured homes in parks and a further 14 on land sold in 2010. As of December 31^st there were 190 properties of all types available through MLS® in the Terrace area, down slightly from the 192 properties available at December 31^st, 2009.

In the Kitimat area, 102 properties worth $13.8 million changed hands in 2010 compared with 90 properties worth $14.2 million in 2009. The median value of the 76 single family homes sold in 2010 was $136,000. In addition 7 homes on acreage, 7 half duplexes and four town homes were sold. At year end there were 130 properties of all types available in the Kitimat area, compared with 126 at December 31^st, 2009.

Bulkley Nechako Region

27 properties worth $4.3 million changed hands in the Houston area in 2010, up from 24 properties worth $2.8 million in 2009. The median value of the 12 single family homes sold was $142,500. As of December 31^st there were 42 properties of all types available in the Houston area, compared with 45 properties at the end of 2009.

REALTORS® reported 233 sales worth $46.3 million in the Smithers area in 2010, compared to 225 sales worth $43.5 million in 2009. The median value of the 95 single family homes sold in 2010 was $229,500. 40 parcels of vacant land, 46 homes on acreage, 24 manufactured homes in parks and a further 10 on land also changed hands in 2010. At year end there were 205 properties of all types available through MLS® in the Smithers area, compared with 174 a year ago.

In Burns Lake 99 properties with a value of $10.5 million sold in 2010 compared with 86 properties worth $10.3 million in 2009. Half of the 36 single family homes that sold, sold for less than $115,000. 22 parcels of vacant land, 16 homes on acreage and 9 manufactured homes on land also changed hands in 2010. As of December 31^st there were 128 properties of all types available through MLS® in the Burns Lake area compared with 119 at the end of 2009.

The 117 properties sold in Vanderhoof in 2010 were worth $16.7 million, up from 2009’s 84 properties worth $12.7 million. Of the 30 single family homes that sold in 2010, half sold for less than $155,000. In addition, 28 parcels of vacant land, 31 homes on acreage, 6 manufactured homes in parks and a further 12 on land changed hands in 2010. As of December 31^st there were 118 properties of all types available through MLS® in the Vanderhoof area, compared with 105 properties a year ago.

In Fort St. James 42 properties worth $4.8 million sold in 2010, up from 33 properties worth $3.3 million in 2009. At year end there were 58 properties of all types available through MLS® in the Fort St. James area, compared to 60 properties as of December 31^st, 2009.

Northern Region

In Fort St. John 654 properties with a value of $178.5 million sold in 2010, up from the 594 properties worth $154.3 million that sold in 2009. Of the 319 single family homes sold in 2010, half sold for less than $307,500. In addition, 93 parcels of vacant land, 43 half duplexes, 22 apartment units, 42 homes on acreage, 33 manufactured homes in parks and a further 62 on land sold in 2010. At the end of December there were 469 properties of all types available through MLS® in the Fort St. John area, down slightly from 486 properties at the end of 2009.

The 140 properties sold in the Fort Nelson area through MLS® in2010 were worth $28.9 million, up from 2009’s 90 properties worth $20.2 million. Half of the 44 single family homes sold in 2010, sold for less than $225,000. 20 parcels of vacant land, 16 manufactured homes in parks and an additional 42 manufactured homes on land also sold in 2010. As of December 31^st there were 54 properties of all types available through MLS® in the Fort Nelson area, down from 74 properties as of December 31^st, 2009.

BCNREB President Claudia Holland notes “Despite the slower market conditions, the average house prices climbed in most of our areas – some significantly.”