Thursday, January 21, 2016

Year end figures note decline in sales and financials for North Coast Real Estate in 2015

The final report for 2015 has been released by the British Columbia Northern Real Estate Board and the numbers confirm a slowing down of the heady days of 2014 for the North Coast real estate market.

The report provided data on the volume of properties sold, the overall total of the selling prices from 2015 as well as a snapshot of some of the other residential components recorded over the the last year.

Completed earlier this month, the findings were posted  to the BCNRB website

We launch our review of their findings for the Northwest, with a look at the comparison of the Prince 
Rupert Real Estate market between 2015 and 2014.

From their notes we learn that last year 209 properties worth 51.4 million dollars changed hands compared to 289 properties sold in 2014, which fetched 63.2 million dollars when all the signing on the dotted lines was complete.

Further into the information review we learn that half of the 158 single family homes sold in 2015 went for less that $260,000. As well 19 parcels of vacant land, 1 townhouse and 8 half duplexes sold in 2015.

As the year came to an end on December 31st, there were 153 properties of all types available through the MLS listings in Prince Rupert, which were down from the same time in 2014.

Terrace remained the most active are in the Northwest when it came to real estate transactions, but even that particularly hot market has seen reduced numbers from 2014.

In 2015 there were 271 properties sold in the Terrace area, worth 70 million dollars, compared to the 351 properties that were up for sale in 2014, that brought in over 87.3 million dollars in sales. Of the 153 single family homes sold in 2015, half sold for less than 307,000 dollars.  16 parcels of vacant land, 22 homes on acreage, 33 manufactured homes in parks and another 19 on land were sold last year as well.

As of December 31st, 2015, there were 151 properties available through the MLS service in Terrace, down one from the 152 properties of 2014.

Kitimat which has recently been in the news owing to a number of large industrial project announcements, had a year of reduced volume in 2015 as well.

120 properties worth $33 million change hands last year, compared to 146 properties worth $41.6 million in 2014.  The median value of a single family home in Kitimat in 2015 was $307,300.

Last year there were also 20 half duplexes and 5 townhouse sold.

At years end, Kitimat real estate agents had 63 properties of all types listed in the community, compared to 94 at the end of 2014.

The Northern BC Real Estate Board has statistics for all of the communities across the Highway 16 corridor and beyond, you can review the full information package here.

For more items related to Real Estate on the North Coast see our archive page here.

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