Home Sales Down, Average Price Up
By 250 News
Thursday, April 03, 2008 10:48 AM
In the first quarter of 2008 sales of properties of all types through the MLS were down by 21% over the same period last year. To the end of March, 2008, a total of 1,051 properties with a value of $219,611,298 have changed hands in the area serviced by the BC Northern Real Estate Board. But there may be some good news for buyers as there are more properties to choose from. As of March 31st, 2008 there were 3,604 properties of all types available for sale, up from 2,858 at this time last year.
President Willy Berger comments “spring is here in most of our communities. The real estate market is getting active. Buyers are out looking and sellers are taking this opportunity to market their properties. Compared to the first quarter of 2007, buyers have more properties to choose from and a few more days to make their decision.” He continues “with the current interest rates remaining low, we are anticipating a strong spring market.”
Prince George:
290 properties of all types, worth $64.2 million have changed hands in the first 3 months of 2008 in the City of Prince George, compared with 415 properties worth $83.6 million for the same period last year. In the west part of the City, the median price of the 54 single family homes that have sold on MLS® was $211,000. In the area east of the Bypass, the 39 single family houses that sold had a median price of $171,000. In the northern part of the City, commonly referred to as “the Hart”, 40 single family homes sold with a median price of $286,500. In the southwest section, 51 houses have sold since January, with a median price of $279,000. In all areas, it took on average 45 to 48 days for these homes to sell. In all areas, the median price was lower than the average. At the end of March there were 779 properties of all types on the MLS® within City limits.
100 Mile House and area:
A total of 96 properties of all types, worth $23.8 million have been sold by REALTORS® in this area since January. This compares with 129 properties worth $22.2 million by the same time last year. Half of the single family homes on lots less than an acre in size sold for $234,000 or less and it took, on average, 91 days for these homes to sell. In addition, one apartment, one townhouse, 28 homes on acreage, 5 manufactured homes and 5 more on land, changed hands in the first quarter of 2008. As of March 31st there were 409 properties of all kinds available for sale through the MLS® - up from 296 last year.
Williams Lake:
94 properties have been sold so far this year by REALTORS® in the Williams Lake area compared with 106 in 2007. The value of these properties is $19.6 million ($20.7 million in 2007). Half of the 29 single family homes sold this quarter, sold for less than $227,000 and it took, on average, 66 days for these homes to sell. In addition, 2 apartments, one townhouse, 19 homes on acreage and 10 manufactured homes and a further 11 manufactured homes on land have sold since January of this year. As of March 31st there were 320 properties of all types available for sale in the Williams Lake area – up from 252 properties as of March 31st, 2007.
Quesnel:
In the Quesnel area REALTORS® reported 63 sales worth $8.1 million in the first 3 months of 2008, compared to 105 sales worth $13.6 million to March 31st of last year. Half of the 23 single family homes on lot sizes of less than an acre, sold for $140,000 or less and, on average, took 118 days to sell. At the end of March, there were 237 properties of all types available for sale through the MLS® in the Quesnel area, down slightly from 242 properties at this time last year.
Prince Rupert:
47 properties worth $9.5 million changed hands through the MLS® in the Prince Rupert area this year, compared to 60 properties worth $12.5 in the first quarter of 2007. The median price of the 68 single family homes sold was $144,500 – almost the same as last year’s median of $145,000. On average, it took 68 days for a single family home to sell. AT month end there were 167 properties of all types available for sale through MLS® in Prince Rupert, up from 126 at the end of March in 2007.
Terrace:
REALTORS® in Terrace have sold 65 properties worth $12.7 million so far this year, compared to 62 properties worth $7.6 million in the first quarter of 2007. Half of the 42 single family homes sold this year had a median price of $200,000 or less, and on average, these homes sold in 52 days. In addition, two apartment units, one townhouse, two homes on acreage, and 10 manufactured homes have changed hands so far this year. As of March 31st there were 188 properties available for sale in Terrace, up from 173 properties available at this time last year.
Kitimat:
36 properties worth $4.4 million sold through the MLS® in Kitimat and area in the first quarter of 2008, up from 26 properties worth $3.2 million in the first 3 months of 2007. Half of the 21 single family homes sold for a less than $139,000 and on average, these homes took 61 days to sell. In addition, 5 half duplexes, 5 townhouses and one house on acreage changed hands this year. At the end of March there were 79 properties of all types available for sale in Kitimat, up slightly from 74 properties at the same time last year.
Houston:
9 properties worth $1.5 million have sold so far this year. As of March 31st there were 51 properties of all types available for purchase in the Houston area.
Smithers:
REALTORS® in the Smithers area reported 52 sales worth $11.2 million in the first 3 months of 2008, compared to 85 sales worth $12.7 million to March 31st, 2007. Of the 24 single family homes sold this year, half sold for less than $210,000 and took, on average, 44 days to sell. In addition, 8 homes on acreage, 5 manufactured homes in parks and an additional 4 on land changed hands so far this year. As of March 31st there were 165 properties available for purchase through the MLS® in the Smithers area.
Burns Lake:
19 properties worth $1.7 million changed hands since January 1st. In addition to 6 single family homes on lot sizes of less than an acre, one townhouse, 4 homes on acreage and two manufactured homes changed hands in the first quarter. At the end of March there were 128 properties available for purchase through the MLS® in the Burns Lake area.
Vanderhoof:
REALTORS® in the Vanderhoof area have been responsible for the sale of 38 properties worth $6.2 million in the first quarter of 2008 compared with 33 properties worth $4.5 million last year. The 12 single family homes on lots of less than an acre in size took on average 47 days to sell. In addition, ten homes on acreage, one manufactured home in a park and an additional 4 on land changed hands. As of March 31st there were 85 properties available for sale in the Vanderhoof area, through the MLS®.
Fort St. James:
13 properties worth $1.4 sold through the MLS® since January 1st. At the end of March there were 37 properties of all types available for sale through MLS® in the Fort St. James area.
Fort St. John:
REALTORS® assisted in the sale of 155 properties worth $41.6 million in the first quarter of 2008, compared to 152 properties worth $38.1 million during the same time last year. This represents a 9% increase in value over 2007 totals. The 81 single family homes sold so far this year had a median selling price of $273,000 and took, on average, 72 days to sell. In addition, 14 half duplexes, one apartment, four townhouse and 10 homes on acreage changed hands since January 1st. At the end of March there were 551 properties available for purchase through the MLS® in the Fort St. John area.
Fort Nelson:
11 properties worth $2.8 million changed hands in the Fort Nelson area in the first quarter of 2008, compared to 27 properties worth $6 million in the same time period last year. As of March 31st there were 100 properties of all types available for sale through the MLS® in the Fort Nelson area.
Mackenzie:
Three properties worth $308,000 have sold since January 1st, compared to 13 properties valued at $1.38 million in the first quarter of last year. There are 46 properties of all types available for purchase through the MLS® in the Mackenzie area.
Average Selling Price (Year to Date)
MLS Reported Sales – Residential Detached House
BC NORTHERN REAL ESTATE BOARD
Community | March 31, 2007 | Units | December 31, 2007 | Units | March 31, 2008 | Units |
100 Mile House | 209,084 | 33 | 237,065 | 192 | 252,700 | 20 |
Williams Lake | 191,505 | 33 | 214,870 | 181 | 233,864 | 29 |
Quesnel | 145,471 | 45 | 166,872 | 216 | 170,793 | 23 |
Prince Rupert | 152,336 | 47 | 164,727 | 194 | 190,625 | 32 |
Smithers | 177,597 | 35 | 187,007 | 168 | 209,012 | 24 |
Vanderhoof | 140,102 | 8 | 158,630 | 53 | 175,966 | 12 |
Fort St. John | 294,907 | 74 | 290,774 | 359 | 285,997 | 81 |
Fort Nelson | 219,569 | 13 | 235,712 | 60 | 281,400 | 6 |
Prince George | 232,951 | 243 | 240,245 | 1083 | 246,839 | 193 |
Terrace | 162,425 | 30 | 182,561 | 220 | 210,261 | 42 |
Kitimat | 126,273 | 19 | 143,486 | 129 | 161,519 | 21 |
Note: Any area with fewer than 10 residential detached house sales has been omitted from this chart.
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Posted by: northern taxpayer on April 3 2008 2:05 PM