Real Estate Market Cooling, More Listings, Fewer Sales
By 250 News
Friday, July 04, 2008 03:04 PM
Prince George, B.C. - The Real estate market is showing signs of cooling.
The BC Northern Real Estate Board reports 2,570 sales through the MLS® (Multiple Listing Service®) in the first six months of the year, compared to 3,408 in the same period last year and 3,421 in 2006.
The value of these properties totalled $533.6 million compared to $625.7 million in 2007 and $502 million in 2006. As of June 30th there were 4,794 properties of all types available for sale through MLS®, up from 3,515 at this time last year.
President Willy Berger says it has become a buyers market "Giving all those people who were waiting to get into the market the opportunity to finally do so. The interest rates for mortgages still remain in the single digits, making home ownership more affordable than even a year ago. The economic outlook for northern BC continues to remain positive, even though the forest industry has had major adjustments. The mining industry and oil and gas exploration are reaching all time highs in this region."
There are 36% more properties available on MLS® in northern BC than there was a year ago, giving buyers for any type of property a good selection to choose from.
Here is the region by region breakdown:
FRASER FORT GEORGE REGION
Prince George: In the City of Prince George 693 properties worth $153 million have changed hands so far this year through MLS®, compared to 952 properties worth $197.2 million to June 30th, 2007. Half of the 466 single family homes sold so far this year, sold for less than $224,900 and took, on average 51 days to sell. In addition, 21 pieces of vacant land, 22 apartments, 53 townhouses, 34 manufactured homes in parks and a further 26 manufactured homes on land have changed hands within the city. As of June 30th there were 841 properties of all types available for sale through MLS®, compared 741 at this time last year.
CARIBOO REGION
100 Mile House and area: A total of 226 properties of all types, worth $51.5 million have been sold by REALTORS® in this area since January. This compares with 385 properties worth $68 million sold in the same period last year. Half of the single family homes on lots less than an acre in size sold for $247,500 or less and it took on average 85 days for these homes to sell. In addition, 72 pieces of vacant land, 49 homes on acreage, 11 manufactured homes in parks and 17 manufactured homes on land changed hands in the first half of 2008. As of June 30th there were 676 properties of all kinds available for sale through the MLS® - up from 404 last year.
Williams Lake: 218 properties have been sold so far this year by REALTORS® in the Williams Lake area compared with 295 in 2007. The value of these properties is $45.1 million ($54.7 million in 2007). Half of the 66 single family homes sold so far this year, sold for less than $227,000 and it took, on average 68 days for these homes to sell. In addition, 41 pieces of vacant land, 49 homes on acreage, 19 manufactured homes in parks and 21 manufactured homes on land have sold since January of this year. At the end of June there were 432 properties of all types available for sale in the Williams Lake area – up from 291 as of June 30th, 2007.
Quesnel: In the Quesnel area REALTORS® reported 177 sales worth $26.9 million, compared to 270 sales worth $37.5 million to June 30th of last year. Half of the 71 single family homes on lot sizes of less than an acre, sold for $168,500 and took, on average, 66 days to sell. In addition, 26 pieces of vacant land, 24 homes on acreage, 15 manufactured homes in parks and 21 manufactured homes on land also sold in the first six months of the year. As of June 30th there were 295 properties of all types available on the MLS® in the Quesnel area (298 in 2007).
NORTHWEST REGION
Prince Rupert: 87 properties worth $17.2 million changed hands through the MLS® in the Prince Rupert area this year, compared to 131 properties worth $23.7 million in the first half of 2007. The median price of the 63 single family homes sold was $185,000 – up from last year’s median of $152,000. On average it took 68 days for a single family home to sell – down from last year’s 104 days. At the end of June there were 247 properties of all types available for sale through MLS® in Prince Rupert, up from 172 properties a year ago.
Terrace: REALTORS® in Terrace have sold 169 properties worth $31.6 million so far this year, compared to 192 properties worth $27.8 million in the first half of 2007. Half of the 100 single family homes sold this year sold for less than $195,000 an, on average, it took 47 days for these homes to sell. In addition, 18 pieces of vacant land, 7 homes on acreage, 9 manufactured homes in parks and 13 manufactured homes on land changed hands so far this year. As of June 30th there were 302 properties of all types available for sale on the MLS® in the Terrace area, up from 204 properties at this time last year.
Kitimat: 82 properties worth $12 million have sold through the MLS® in Kitimat and area in the first half of 2008, up from 80 properties worth $9.6 million in the same period in 2007. Half of the 50 single family homes sold this year, sold for less than $148,000 and on average it took 54 days for these homes to sell. In addition, 13 duplexes, 8 townhouses and 4 manufactured homes have sold this year. At the end of June there were 114 properties of all types available for sale in Kitimat (91 in 2007).
BULKLEY VALLEY-OMENICA REGION
Houston: 20 properties worth $2.9 million have sold so far this year. As of June 30th there were 57 properties of all types available for purchase through MLS® in the Houston area.
Smithers: REALTORS® in the Smithers area reported 114 sales worth $24.8 million in the first 6 months of 2008, compared to 212 sales worth $31 million to June 30th, 2007. Of the 60 single family homes sold this year, half sold for less than $219,500 and took on average, 51 days to sell. In addition, 11 pieces of vacant land, 20 homes on acreage, 7 manufactured homes in parks and 6 manufactured homes on land have changed hands this year. As of June 30th there were 194 properties of all types available for sale through the MLS® in the Smithers area, up from 164 last year.
Burns Lake: 61 properties worth $5.5 million have changed hands since January 1st. The 17 single family homes that have sold took, on average, 105 days to sell. In addition 15 pieces of vacant land, 6 townhouses, 11 homes on acreage and 4 manufactured homes on land changed hands this year. At the end of June there were 153 properties of all types available for purchase on the MLS® in the Burns Lake area, up from 132 at June 30th of 2007.
Vanderhoof: REALTORS® in the Vanderhoof area have been responsible for the sale of 83 properties worth $15 million in the first half of 2008 compared with 96 properties worth $12.5 million last year. Half of the 31 single family homes on lots less than an acre in size that have sold, sold for less than $169,000 and took, on average, 48 days to sell. In addition, 12 pieces of vacant land, 21 homes on acreage and 9 manufactured homes on land have sold so far this year. At the end of June there were 129 properties of all types available for purchase on the MLS® in the Vanderhoof area (83 in 2007).
Fort St. James: 34 properties worth $3.4 million have sold since January 1st in the Fort St. James area, compared with 19 properties worth $1.2 million last year. At the end of June there were 75 properties available for sale in the area – up from 39 properties at this time last year.
NORTHERN REGION
Fort St. John: REALTORS® assisted in the sale of 388 properties worth $101.7 million in the first half of 2008, compared to 399 properties worth $100.2 million last year. The 188 single family homes sold so far this year had median selling price of $284,000 and took, on average, 69 days to sell. In addition, 41 pieces of vacant land, 41 duplexes, 29 homes on acreage, 24 manufactured homes in parks and a further 30 manufactured homes on land have sold so far this year. At the end of June there were 573 properties of all types available on the MLS® in the area – up from 396 as of June 30th, 2007.
Fort Nelson: 65 properties worth $12.7 million have sold since January 1st, compared to 66 properties worth $14 million in the same period last year. Half of the 32 single family homes that sold, sold for less than $230,000 and took, on average, 63 days to sell. In addition, 7 manufactured homes in parks and an additional 13 manufactured homes on land sold this year. As of June 30th there were 92 properties of all types for sale through MLS® in the Fort Nelson area, down from 129 at this time last year.
Average Selling Price (Year to Date)
Residential Detached House
BC NORTHERN REAL ESTATE BOARD
|
Community
|
June 30, 2007
|
Units
|
December 31, 2007
|
Units
|
June 30, 2008
|
Units
|
|
100 Mile House
|
217,264
|
95
|
237,065
|
192
|
273,568
|
54
|
|
Williams Lake
|
215,574
|
96
|
214,870
|
181
|
236,461
|
66
|
|
Quesnel
|
162,132
|
125
|
166,872
|
216
|
183,595
|
71
|
|
Prince Rupert
|
160,935
|
100
|
164,727
|
194
|
197,069
|
63
|
|
Smithers
|
171,828
|
76
|
187,007
|
168
|
222,672
|
60
|
|
Burns Lake
|
87,021
|
14
|
99,590
|
40
|
102,117
|
17
|
|
Vanderhoof
|
168,641
|
27
|
158,630
|
53
|
173,754
|
31
|
|
Fort St. James
|
92,333
|
3
|
116,887
|
8
|
124,666
|
12
|
|
Fort St. John
|
293,106
|
206
|
290,774
|
359
|
297,063
|
188
|
|
Fort Nelson
|
230,689
|
32
|
235,712
|
60
|
234,612
|
32
|
|
Mackenzie
|
136,672
|
22
|
127,708
|
34
|
108,773
|
13
|
Prince George |
241,563 |
553 |
240,245 |
1083 |
242,565 |
466 |
|
Terrace
|
179,070
|
97
|
182,561
|
220
|
213,845
|
100
|
|
Kitimat
|
133,354
|
56
|
143,486
|
129
|
166,559
|
50
|
Note: Any area with fewer than 10 residential detached house sales has been omitted from this chart.
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Posted by: bohemian on July 4 2008 3:43 PM