Values of Home Sales Higher In '07

By 250 News

After a record year in 2006, property sales through the Multiple Listing Service® of the BC Northern Real Estate Board remained strong in 2007. While the 6,639 sales was a drop from 2006’s record 7,055 sales, it was still well above the previous record of 6,344 sales in 2005. The total value of all properties sold through MLS® in 2007 was $1.2 billion – 13.6% higher than 2006 and 47% higher than 2005 sales values.

Board President Glen Holling comments “We are very pleased with the level of activity in 2007.  Despite some regional differences northern sellers enjoyed a strong market and buyers are still getting good value.  Real estate overall fared very well from generally higher selling prices.”

Holling remains confident. “Our outlook for 2008 remains very positive.  While we do not foresee such strong growth in 2008 as we experienced in 2007, we do see values increasing slightly in some areas while holding in most regions.  Year end numbers indicate an increase in the supply of available properties in most regions and we believe that will bode well for our communities which continue to offer very attractive real estate opportunities for investors and home owners alike.”

Fraser Fort George Region.

In the City of Prince George 1,824 properties valued at $373.7 million sold through MLS® in 2007, compared to 1,991 properties worth $322.1 million in 2006 and 1,842 properties worth $256 million in 2005. At year end there were 490 properties of all types available for sale in the City of Prince George, up from 398 properties in 2006 but down from the 513 properties available at the end of 2005.

In the area west of the by-pass 348 single family homes, 6 half duplexes, 21 apartments and 66 townhouses changed hands in 2007. On average it took 42.4 days for a single family home to sell in this area – up from 27.7 days in 2006. The average price of the 348 single family homes that sold was $234,107 – up from $193,590 last year. As of December 31^st there were 70 single family homes available for sale in this area, compared to 38 at the end of 2006.

In the area east of the by-pass 40 apartments, 31 half duplexes, and 50 townhouses sold in 2007. The 243 single family homes sold had an average selling price of $172,720 (up from $134,919 in 2006) and took on average 38 days to sell (down from 45 days in 2006). At the end of December there were 51 single family homes available for sale through MLS®, compared to 31 in 2006 and 53 in 2005.

In the northern part of the City, 43 manufactured homes in parks and 90 on land sold in 2007. 201 single family homes sold for an average price of $269,066 and half of them sold for less than $262,000. The average days to sell was 36.1. At the end of the year there were 113 properties of all types available for sale compared to 89 in 2006 and 139 in 2005.

In the southwest sector of the City 17 half duplexes, 22 townhouses, 28 manufactured homes in parks and a further 5 manufactured homes on land have sold through MLS® in 2007.The 274 single family homes sold this year had an average sale price of $283,973 (up from $238,128 in 2006) and took (on average) 44.3 days to sell (up from 37.6 days in 2006). At the end of December there were 114 properties of all types available for sale through MLS® in the area, compared to 83 in 2006 and 65 in 2005.

Sales in Mackenzie were down when compared to 2006 with 45 sales worth $4.6 million recorded this year compared to 52 sales worth $4.6 million in 2006. However, single family homes were selling more quickly this year with the average time to sell dropping from 112 days in 2006 to 77 days this year. The average price of these homes was $127,708 compared to an average price of $118,733 last year. There were 40 properties for sale through MLS® in Mackenzie at December 31 compared to 29 properties at the same time last year and 16 properties in 2005

Cariboo Region

In 100 Mile House and area, 740 properties worth $138.2 million changed hands in 2007. Although not at last year’s record level, sales of vacant land remained strong with 292 parcels changing hands, down from 350 in 2006 but still more than double the 120 parcels sold in 2005. The 192 single family homes that sold in 2007 had a median value (half sold for more) of $220,000 – up dramatically from the 2006 median of $172,000. It took on average 62 days for these homes to sell, down from 84 days in 2006. In addition, 109 houses on acreage, 16 manufactured homes in parks and 49 on land and 6 apartments changed hands. At year end there were 294 properties of all types available for sale through the MLS®, compared to 255 in 2006 and 445 in 2005.

578 properties in the Williams Lake area sold through MLS® in 2007, up from 500 sales in 2006. The value of these properties reached $110.7 million – a 49% increase over 2006. The 181 single family homes sold, took on average 56 days to sell, down from last year’s 83 days. In addition, 117 parcels of vacant land, 14 townhouses, 109 homes on acreage, 55 manufactured homes in parks and 54 on land changed hands. At the end of December there were 254 properties for sale through MLS® in the Williams Lake area compared to 256 in 2006 and 317 in 2005.

The number of sales in the Quesnel area reached 522 in 2007 - up 9% over 2006. The value of these properties increased to $73,587,346 – a 20% increase over last year. 77 parcels of vacant land changed hands, up from 57 in 2006 and 49 in 2005. Of the 216 single family homes that sold, half sold for less than $160,000 while the average sale price was $166,872. 10 townhouses, 100 homes on acreage, 26 manufactured homes in parks and 49 on land also changed hands in 2007. At year end there were 217 properties of all types available for sale through MLS® in the Quesnel area compared to 215 in 2006 and 277 in 2005.

Northwest Region

All communities in the northwest region experienced strong sales in 2007.

In Prince Rupert 257 properties worth $44.7 million changed hands – up from 222 properties with a value of $28.5 million in 2006. In addition to the 194 single family homes that changed hands, 12 apartments, 7 townhouses and 3 half duplexes sold in 2007. As of December 31 there were 157 properties listed on MLS® in the Prince Rupert area – up from 144 at December 31, 2006.

The 398 properties that sold in Terrace in 2007 were worth $62.9 million – up from the 361 properties worth $48.5 million in 2006 and the 322 properties worth $40.3 million in 2005.  The 220 homes that sold took on average 38.7 days to sell – much faster than the 67.7 days it took in 2006 and the 61 days in 2005. In addition, 35 pieces of vacant land, 19 apartments, 27 homes on acreage and 22 manufactured homes in parks and 36 on land changed hands in 2007. There were 166 properties available for sale through MLS® in the Terrace area at the end of December, 2007, up from 141 at the same time last year but down from the 285 available in 2005.

MLS® sales in Kitimat reached record levels with 203 properties worth $25.2 million changing hands, up from 189 sales worth $21.2 million in 2006 and 107 properties worth $10.1 million in 2005. The 129 single family homes that sold had an average selling price of $143,486; half of the homes sold for less than $127,500 and on average, the time to sell dropped from 71 days in 2006 to 42 days in 2007. At the end of December there were 55 properties of all types available for sale through MLS® in the Kitimat area, down from 70 properties at the end of 2006 and 79 at the end of 2005.

Bulkley Nechako Region

In Smithers 427 properties worth $67.7 million changed hands in 2007, up from 356 properties worth $49.7 million in 2006 and 353 properties worth $49.3 million in 2005. Half of the 97 parcels of vacant land that sold this year sold for $55,500 or less while the average price of these parcels was $72,034.  In addition to the 168 single family homes that sold, 66 homes on acreage,  5 half duplexes, 35 manufactured homes in parks and 22 manufactured homes on land changed hands in 2007. At year end there were 126 properties of all types for sale through MLS® in the Smithers area, down from 228 properties on the market at the end of 2006 and 277 properties at the end of 2005.

While the number of sales in the Burns Lake area declined in 2007, the value of the properties sold increased.  127 properties worth $14.4 million changed hands this year compared to 162 properties worth $13.6 million in 2006 and 125 properties worth $7.2 million in 2005. While the sale of single family homes dropped to 40 (from 63 in 2006) the sale of homes on acreage increased to 36 (from 14 in 2006).  There were 111 properties of all types for sale in the area at year end, up from 99 in 2006 but down from the 125 available in 2005.

172 sales worth $24.8 million were recorded in the Vanderhoof area in 2007. The 53 single family homes that sold had a median (half sold for less) price of $155,000 and took an average of 56 days to sell.  In addition, 43 parcels of vacant land, 26 homes on acreage, 14 manufactured homes in parks and 19 manufactured homes on land changed hands. There were 76 properties of all types for sale through MLS® at year end, compared to 101 properties at this time last year and 182 in 2005.

In Fort St. James 49 properties worth $4.4 million sold in 2007 - almost the same as in 2006 when 47 properties worth $4.4 million changed hands. 41 properties of all types were available for sale through MLS® in the area at year end, just slightly less than the 44 properties listed in the area at the end of 2006.

Northern Region

716 property sales worth $179.9 million were recorded in the Fort St. John area in 2007. On average, the 359 single family homes that sold took 47 days to sell (up slightly from last year’s 45 days) and had a median selling price of $280,000 (compared to $250,000 in 2006). 77 pieces of vacant land with a median price of $75,000 also sold. In addition 54 manufactured homes in parks and 63 on land changed hands in 2007. At year end there were 472 properties of all types available for sale – up from 303 at December 31, 2006.

Fewer properties sold through the MLS® in Fort Nelson in 2007 than in 2006. 127 properties worth $26.6 million changed hands, down from last year’s 183 properties worth $35.9 million. In addition to 60 single family homes, 12 homes on acreage and 16 manufactured homes in parks and 26 on land changed hands. As of December 31 there were 81 properties available for sale through MLS® in the Fort Nelson area compared to 105 properties at the end of 2006.

Average Selling Price (Year to Date) MLS Reported Sales - Single Family Residential

**Fort St. James & Fort Nelson: no previous data available

* Fort St. John previously included Fort Nelson and Vanderhoof previously included Fort St. James

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