New Report from Northern Real Estate Shows # of P.G. Home Sales Down, But Value is Up

By 250 News

The BC Northern Real Estate Board has hit another  major mark,  reporting  sales in the first 9 months of the year  topped  $1 Billion - an 18% increase over last year’s $851 Million in sales. To the end of September 5,424 properties of all kinds have changed hands through the Board’s MLS®, compared with 5,634 in 2006 and 4,934 in 2005.

In Prince George, the report shows that while fewer single detached homes have sold, they have sold for more money.

President Glen Holling  says he’s happy to see that overall sales have continued to be strong in Northern B.C. although he predicts things may start to cool “ Sales numbers while up overall, have softened in some areas.  The outlook continues to be positive, although we may see a slight leveling off period in the coming months due, in part, to the seasonal nature of real estate business in the north.  The north west region and the Cariboo has continued to reflect quite strong growth while there has been softening in Prince George and the Peace country.  Despite differing economic factors affecting various regions of our Board area we continue to enjoy strong economies with overall positive outlooks and good property values.”

Here is the  detailed report by region,  the report does not include  private sales.

FRASER FORT GEORGE

Prince George: Within the city limits,1,453 properties have sold, worth $298 million this year compared to 2006 when 1,547 properties worth $254 million sold in the first nine months. As of September 30^th there were 751 properties of all types available for sale through the MLS®.

In the Bowl area west of the bypass, there have been 15 apartment units, 5 half duplexes and 54 townhouses sold in addition to 283 single family homes.  On average, it took slightly longer for these single family homes to sell – 38 days this year compared with 27 last year – for an average price of $234,000. At month end there were 179 properties of all types available for sale in this part of the city.

In the area east of the Bypass, 9 apartment units, 29 half duplexes, and 41 townhouses have been purchased through the MLS® so far this year. Half of the 193 single family homes that were sold were under $175,000 and took an average of 34 days to sell. There were 180 properties of all types for sale through MLS® as of September 30^th compared with 201 properties last year.

In the north part of the City there have been 39 manufactured homes in parks and a further 72 on land sold so far this year. 32 parcels of vacant land with an average selling price of $74,464 have also changed hands this year. 163 detached single family homes sold for an average of $267,000. At the end of September there were 167 properties on the market – the same as last year at this time.

In the southwest sector of the City, 15 half duplexes, 19 townhouses, 25 manufactured homes in parks plus 5 on land have been sold by REALTORS® this year. 29 parcels of vacant land with an average selling price of $102,518 have sold since January. The 214 detached single family homes sold since January had a median price of $286,000 and took on average, 42 days to sell. At the end of September there were 192 properties on the market compared with 105 last year.

Mackenzie:  So far this year 39 properties worth a total of $3.95 million have sold on the MLS®.  The 29 single family homes that have sold took on average 76 days to sell – down from 137 days last year. There were 46 properties of all types available on MLS® at the end of September.

CARIBOO

100 Mile House and area: A total of 632 properties worth $117.4 million have been sold by REALTORS® in this area since January. The 158 single family homes sold this year had a median (half sold for less) price of $218,000 compared to an average selling price of $231,000. On average, it took just under 2 months to sell an average home, down from an average of 88 days in 2006. As of September 30^th, 2007 there were 404 properties of all types available for sale on the MLS®.

Williams Lake: 483 sales have been reported so far this year – up from 387 in the first 9 months of 2006. The value of these properties was $92,276,863 – up 24.8% over last year’s $57.1 Million. Every category of residential properties showed an increase in sales over 2006 (2006 figures in brackets): 152 single family homes (142), 13 townhouses (5), 88 homes on acreage (58) and 90 manufactured homes (61) have sold. In addition 102 parcels of vacant land have changed hands, up from 74 in 2006. At the end of September there were 308 properties of all types available for sale on the MLS® in the Williams Lake area.

Quesnel: REALTORS® in the Quesnel area have sold 432 properties worth $59.8 Million so far this year, up from 391 properties worth $48.9 million in 2006. While sales of single family homes on city-sized lots was down (180 compared to 210 in 2006), the increase in sales of homes on acreage more than made up for it (84 sales compared to 39 in 2006).  In addition, 65 parcels of vacant land sold this year, up from 48 in the first 9 months of 2006. As of September 30^th there were 237 properties of all types for sale in the Quesnel area through the MLS®.

NORTHWEST

Prince Rupert: 201 properties of all types have changed hands through the MLS® in the Prince Rupert area in the first 9 months of this year. These properties have a total value of $35.9 million – up 42.7% over the first 9 months of 2006. Half of the 147 single family homes sold so far this year sold for less than $150,000. 9 apartment units, 3 half duplexes and four townhouses have sold this year. At month end there were 163 properties in all categories on the market compared to 172 on September 30^th, 2006.

Terrace: Sales through the MLS® are ahead of last year with 336 properties of all types selling so far this year compared to 298 by September 30^th, 2006. These properties have a value of $52.6 million – a 32.3% increase over last year’s $39.7 million in sales. 184 single family homes and 24 homes on acreage have changed hands this year.  31 parcels of vacant land have sold this year compared to 33 parcels in 2006. As of September 30^th there were 219 properties of all types available for sale in the Terrace area.

Kitimat: There have been 151 properties of all types sold by REALTORS® in the Kitimat area this year with a total value $19.4 million –up from last year’s 149 properties worth $16.9 million. The median price of the 101 family homes sold to date was $120,000. There were 58 properties of all types on the market at month end.

BULKLEY VALLEY-OMENICA

Houston: Sales have remained steady in the Houston area with 37 properties changing hands through MLS® in the first nine months of the year, compared to 40 last year. The 17 homes sold took an average of 54 days to sell, compared to last year’s average of 116 days.  At the end of September there were 37 properties available through the MLS® in the Houston area.

Smithers: 342 properties have sold through the MLS® in the Smithers area in the fist 9 months of 2007 – up 23% from the 278 properties that sold in 2006. The total value of this real estate is $54.3 million, compared to $38.3 million last year. 82 parcels of vacant land have sold this year, up from 55 in 2006.  Half of the 132 homes sold this year sold for less than $179,900 while the average selling price of these properties was $186,000. There were 153 properties of all types available for sale through the MLS® in the Smithers area as of September 30^th.

Burns Lake: REALTORS® in the Burns Lake area have reported 98 sales worth $10.75 million in the first 9 months of 2007. 27 single family homes and 28 homes on acreage have sold so far this year. At the end of September there were 137 properties of all kinds on the market in the Burns Lake area.

Vanderhoof: 143 properties have changed hands through the MLS® this year with a total value of $19.2 million. 10 manufactured homes in parks and additional 15 on land have sold this year. 39 pieces of vacant land have sold, down slightly from 42 sales last year. As of September 30^th there were 100 properties available for sale through MLS® – down from 122 properties at this time last year.

Fort St. James: There have been 40 sales worth $3.4 million in the Fort St. James area  in the first 9 months of 2007. At month end there were 39 properties for sale on MLS®.

NORTH

Fort St. John:  While prices continue to climb, fewer properties are selling in the Fort St. John area.  So far this year 594 properties worth $147.6 million have changed hands in the area, compared with 710 properties worth $148.8 million last year. Half of the 300 single family homes sold this year sold for $280,000 or more. The 41 homes on acreage sold had a median price of $370,000.  As of September 30^th there were 438 properties of all types available for sale, up from 335 properties listed as of September 30^th, 2006.

Fort Nelson:  108 properties with a value of $23.3 million have changed hands so far this year through the MLS®, down from 151 properties last year. Eleven manufactured home in parks and an additional 21 on land have sold since January 1^st. At month end there were 113 properties on the market.

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