First Quarter Real Estate Numbers Show Little Change in P.G.
By 250 News
Tuesday, April 05, 2011 12:31 PM
Prince George, B.C.- The first quarter of 2011 saw the BC Northern Real Estate Board (BCNREB) report 826 sales with a value of $174,936,681 through the Multiple Listing Service® (MLS). That is down compared to the 887 sales worth $180,821,772 during the same period a year ago.
There was little change in Prince George, where there were fewer properties sold in the first quaarter, but the overall value remained unchanged.
As of March 31st there were 4165 properties of all types available for purchase through MLS® compared to 4347 at this time last year.
President Victor Prystay says the numbers are only” marginally down in most communities throughout the north, “The exceptions include Kitimat, Fort St. John and Fort Nelson, all of whom saw an increase in numbers of sales while Terrace, Fort St. James and the greater Prince George area generally held their own.”
The good news, says Prystay is that areas which saw increased volume in sales, also saw an increase in the average sale price He continues “We are, with spring finally here and bringing with it the number of new listings that historically come into the market at this time of year, continuing to be optimistic about 2011. “
Here is a region by region breakdown with the 2010 values in brackets:
Fraser Fort George Region
City of Prince George: 236 (246) properties of all types, worth $54.6 million ($54.6 million) have changed hands in the first 3 months of 2011.
• In the west part of the City the median price of the 58 single family homes that have sold on MLS® was $211,700 ($220,500).
• In the area east of the By-pass, the 18 (29) single family homes that sold had a median value of $157,000 ($179,500).
• In the northern part of the City, commonly referred to as “the Hart”, 28(31) single family homes sold with a median price of $234,400 ($239,950).
• In the southwestern section of the City, 41 (52) homes have sold since January with a median price of $298,000 ($268,000).
At the end of March there were 645 (649) properties of all types available on the MLS® within the City limits.
Mackenzie: Since January 1st 24 (30) properties worth $2.6 million ($3.5 million) have changed hands. As of March 31st there were 67 (138) properties available for purchase through the MLS® in the Mackenzie area.
Cariboo Region
100 Mile House and area: A total of 57 (71) properties of all types worth $10.5 million ($13 million) have been sold in the area since the beginning of the year. In addition to the 17 single family homes that sold, 10 parcels of vacant land and 14 homes on acreage changed hands so far this year. At the end of the quarter there were 704 (701) properties available for purchase through the MLS®.
Williams Lake: 53 (85) properties have sold so far this year through MLS® in the Williams Lake area. The value of these properties was $10.4 million ($16.6 million). In addition to the 19 single family homes sold, 10 homes on acreage, 5 manufactured homes in parks and 7 manufactured homes on land have changed hands in the first quarter. As of March 31st there were 409 (385) properties listed on the MLS® in the Williams Lake area.
Quesnel: 33 (44) sales worth $6.1 million ($6.8 million) in the first three months of 2011. In addition to the 15 single family homes that sold, 2 parcels of vacant land and 9 homes on acreage have sold this year. There were 263 (259) properties of all types available for purchase through MLS® in the Quesnel area as of March 31st.
Northwest Region
Prince Rupert: 25 (35) properties worth $4.3 million ($6.3 million) have sold through the MLS® so far this year. All 25 were single family residential properties. As of March 31st there were 240 (231) properties of all types available for purchase through the MLS® in the Prince Rupert area.
Terrace: 43 (45) properties sold in the first quarter of 2011. The value of these properties was $7.4 million ($8.3 million). 24 single family homes, 4 parcels of vacant land and 5 manufactured homes in parks have changed hands since January 1st. As of March 31st, there were 201 (259) properties of all types available for sale in the Terrace area.
Kitimat: In the first quarter of 2011 37 properties (14) worth $5 million ($2.1 million) have been reported sold. At the end of March there were 131 (138) properties of all types available for sale through MLS® in the Kitimat area.
Bulkley Nechako Region
Smithers: reported 42 (45) sales with a value of $8.8 million ($10.5 million) to March 31st, 2011. In addition to the 23 single family homes that sold, 6 homes on acreage and 4 manufactured homes on land changed hands this year. At the end of the first quarter there were 206 (180) properties of all types available for purchase through the MLS® in the Smithers area.
Burns Lake: 12 (20) properties worth $1.3 million (1.95 million) have changed hands since January 1st. At the end of March there were 108 (120) properties of all types available for sale through the MLS® in the Burns Lake area.
Vanderhoof: reported 19 (30) sales worth $3.5 million ($4.5 million) in the first quarter of 2011. At the end of March there were 102 (117) properties available for purchase through the MLS® in the Vanderhoof area.
Fort St. James: In the first quarter of 2011 there were 12 (11) sales worth $1.3 million ($1.4 million) in the Fort St. James area. As of March 31st there were 49 (58) properties available on the MLS® in the area.
Northern Region
Fort St. John: In the Fort St. John area, 157 (121) properties worth $41.3 million ($31.9 million) changed hands in the first quarter of 2011. In addition to the 75 single family homes sold, 10 parcels of vacant land, 19 half duplexes, 11 homes on acreage, 11 manufactured homes in parks and 16 manufactured homes on land have sold since January 1. At the end of March there were 457 (546) properties of all types available for purchase through the MLS® in the Fort St. John region.
Fort Nelson: 26 (18) properties worth $6.9 million ($5.1 million) were reported sold through the MLS® since the beginning of the year. At the end of March there were 75 (71) properties available for purchase through the MLS® in the Fort Nelson area.
Average Selling Price (Year to Date) of residential detached homes:
|
Community
|
March 31, 2009
|
Units
|
March 31 2010
|
Units
|
March 31 2011
|
Units
|
|
100 Mile House
|
232,500
|
15
|
222,095
|
21
|
234,690
|
17
|
|
Williams Lake
|
215,236
|
9
|
250,235
|
27
|
212,831
|
19
|
|
Quesnel
|
175,130
|
13
|
197,138
|
18
|
203,800
|
15
|
|
Prince Rupert
|
170,000
|
8
|
207,893
|
28
|
171,909
|
25
|
|
Smithers
|
198,368
|
16
|
199,765
|
20
|
218,760
|
23
|
|
Burns Lake
|
68,166
|
6
|
95,150
|
6
|
128,785
|
7
|
|
Vanderhoof
|
153,666
|
3
|
170,200
|
7
|
149,266
|
7
|
|
Fort St. John
|
273,405
|
44
|
328,187
|
64
|
308,622
|
75
|
|
Fort Nelson
|
270,112
|
8
|
239,490
|
11
|
321,845
|
12
|
|
Mackenzie
|
81,333
|
3
|
83,950
|
22
|
96,260
|
19
|
|
Prince George
|
233,725
|
151
|
246,990
|
168
|
242,936
|
149
|
|
Terrace
|
223,730
|
26
|
210,928
|
21
|
220,213
|
24
|
|
Kitimat
|
130,611
|
9
|
159,500
|
9
|
142,137
|
29
|
Note: Any area with fewer than 10 residential detached house sales in the past 3 years has been omitted from this chart.
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Everywhere you look,there is For Sale signs and prices do appear to be falling.
Never seen so many house for sale,and I go there often.
Last year there was about 80+ condo's for sale and to date,only about 25 of them have sold.
I don't have the figures for detached homes yet.
Their market went bust in the 90's and they over-built.
Even now they are still building homes.
The mystery is,where are the buyers coming from.
According to a friend,there is a lot of people from the lower mainland bailing out of metro Vancouver.
That doesn't suprise me,considering the buying power your dollar has on the island after dumping a home in Vancouver.
I am planning on buying another home in Nanaimo,we have a home there now but will be upgrading, so we are watching closely.
I am just wondering if the downward trend is happening everywhere in general?