Friday, January 9, 2015

Terrace continues to set the pace for Northwest Real Estate, as Prince Rupert numbers extend their climb

Sales of properties in Prince Rupert increased significantly in the last twelve months, with Prince Rupert finally starting to make strides towards the kind of numbers that Terrace and Kitimat have been recording in recent years.

Figures released Wednesday by the BC Northern Real Estate Board highlight the burst of sales activity in the Northwest in 2014,  with our region once again considered one of the most active in Northern British Columbia.

In Prince Rupert, 289 properties worth 63.2 million dollars were reported as sold through the MLS service in Prince Rupert through to December 31st 2014.

Marking a significant increase of 28 properties from last year at this time, when 261 properties had been sold by years end of 2013.

Numbers which offer confirmation of the bounce back in real estate in the last twenty four months, the bulk of it based on the speculative nature of potential economic expansion for the area. All of that taking place while the region's residents await further word on a number of highly touted industrial projects of the last year.

Half of the 212 single family homes sold in 2014 went for less than $216,000 dollars. As part of the year end review, the BC Northern Real Estate Board outlined that 20 parcels of vacant land, 5 townhouses and 13 half duplexes sold in the last twelve months.

The year end totals and comparisons show the steady climb of value for real estate in Prince Rupert, Average Sale prices over the last three years can be found below.

2014-- 217,651  (Units sold 212)
2013-- 192,379  (Units sold 187)
2012-- 183,896  (Units sold 127)

As of December 31st  there were 167 properties of all types available among the MLS listings for homes in Prince Rupert, a figure that was down from the review of one year ago.

Those total sales of 289 recorded in Prince Rupert however, still come up just short of the number posted in Terrace, as that city continues to be home to hottest market in the Northwest region.

Terrace recorded 351 properties sold in 2014 worth 87.3 million dollars.

Down from the hectic days of 2013 when the year end total for properties sold in Terrace was 384, though there was virtually little change in the value of the housing totals between the two years, in 2013 the total value noted was 87.8 million dollars, suggesting that Terrace residents were still getting close to their asking prices in 2014.

Of the 177 single family homes sold in 2014 in Terrace half sold for less than $294,000. 2014 also saw the sale of 54 parcels of vacant land, 31 homes on acreage, 21 manufactured homes in parks and further 20 on land sold.

The year end totals and comparisons show the continued pace and value for real estate in Terrace, Average Sale prices over the last three years can be found below.

2014-- 302,340  (Units sold 177)
2013-- 251,477  (Units sold 219)
2012-- 215,778  (Units sold 190)

As of the end of December there were 152 properties of all types available through MLS in Terrace, up from 111 properties at this time one year ago.

Kitimat rounded out the Northwest contribution to the listings, with 146 properties worth 41.6 million dollars changing hands in 2014, down significantly from the pace of one year ago. When 2013 came to an end in the Aluminum City,  the final numbers noted 235 properties worth 56.9 million dollars sold.

Breaking down the 2014 numbers for Kitimat find that the median value of a single family home in the community this past year was $323,000.  Of other properties sold for 2014 16 half duplexes and 27 town homes had the Sold sign posted by years end.

The year end totals and comparisons show that while the value is still high in Kitimat, the pace of transactions is starting to slow, Average Sale prices over the last three years can be found below.

2014-- 318,046  (Units sold 78)
2013-- 238,411  (Units sold 142)
2012-- 181,074  (Units sold 133)

As of December 31st, there were 94 properties available for purchase in Kitimat through the MLS listings. More than triple the number of available units that were recorded at the end of 2013 when there were but 23 listed at that time.

A complete look at the numbers for all communities within the BC Northern Real Estate Board region can be found from their website.

For more on Real Estate and Housing on the North Coast see our archive pages.

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