Thursday, April 9, 2015

Sales down, Prices up in first quarter of 2015 for Prince Rupert real estate

For those in Prince Rupert looking to sell a house the latest notes from the Northern BC Real Estate Board offer up an interesting review. Highlighting as they a trend where sales are down significantly from this time last year, but the value of return is on the rise for those that close a deal to sell their homes.

Through the first three months of 2015 there have been 37 properties sold through the MLS system, at a total worth of 8.1 million dollars.  A significant decrease from just one year ago when 83 properties changed hands at a value of 17.7 million dollars.

Of those 37 properties, 28 were Residential Detached homes, with the average selling price in Prince Rupert to this point of 2015 listed at $238,407.

That value is an indication as to the rise in asking prices in the community over the last three years.

In 2013 the average price of a home in Prince Rupert was $185,918, in 2014 it was $190,461

As of March 31st there were 173 properties of all types available for purchase through the MLS service in the region, a number which has remained constant for the most part over the last year, at this time last year there were 177 properties listed locally.

Terrace continues to be the trend setter for total sales of Northwest real estate, though like Prince Rupert the number of sales compared to last year is down.

In the first quarter of the year Terrace Realtors have sold 52 properties, compared to 101 a year ago.
The Average selling price in the first quarter of 2015 is $284,564

Kitimat however is the place for the highest average price for real estate in the first quarter, with the average price of a Kitimat home listed at $305,885.

So far in 2015 Kitimat Realtors have sold 20 properties with 5.7 million dollars. Down from 36 at this time last year.

The following Chart highlights the shifting price point of houses across the BC Northern region.
Of the thirteen communities listed, Fort St. John continues to host the highest average price for a home, while Burns Lake is the place to find the lowest average price for housing in the northern half of the province.

Average home price across Northern British Columbia
From the BC Northern Real Estate Board

You can review the full overview from the BC  Northern Real Estate Board here.

For some background on the Prince Rupert market don't forget our weekly overview of the local listings, where we track the high end properties of the market that currently appear to be driving the local scene.

For more items related to housing across Northwest BC see our archive page here.

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