Tuesday, April 12, 2016
Prince Rupert Realty numbers show lower volume available; but higher selling prices
An overview of the Prince Rupert realty scene provided by the British Columbia Northern Real Estate Board shows a decline in the overall number of total number of properties currently on the market from this time last year.
However, heading into Spring the Rupert market is ahead of its pace when it comes to sales from March 31st of 2015 and those that are selling their homes are getting more money for them.
Of note for the North Coast realty scene is that in the course of three years, the average price received for a home on the market has increased by just a shade over 100,000 dollars.
The report released last Thursday by the BCNRB provides a snapshot as to where the real estate market across the Northwest is at heading into the more active Spring and Summer viewing seasons.
The Prince Rupert numbers below offer up a comparison from March 2015 to March 2016.
The details of the Prince Rupert market look like this: 47 properties worth $14.7 million have been sold through MLS so far this year. Of those 47 properties, 37 were single family residential properties and three were parcels of vacant land. As of March 31st there were 157 properties of all types available for purchase through the MLS process, down from the 173 that were available at this time last year.
The median value of homes in Prince Rupert continue to increase, the trend lines for the last three years looking as follows for the North Coast.
Properties Sold to March 31 -- 2016 -- 47 (2015 -- 37)
Properties Listed to March 31 -- 2016 -- 157 (2015 --173)
Value of Properties to March 31-- 2016 $14.7M (2015 -- $8.1 M)
2014 -- $190,461
2015 -- $238,407
2016 -- $293,181
Further inland in the Northwest both Terrace and Kitimat have seen increases in the the supply side of the market over this time one year ago.
In Terrace: 51 properties were sold in the first three months of the year, with the value of the properties listed at $15 million. 29 of the properties that were sold were single family homes, while 2 were manufactured homes. At the end of March, there were 208 properties available for sale in Terrace up from 190 of one year ago.
Properties Sold to March 31 -- 2016 -- 51 (2015 --52)
Properties Listed to March 31 -- 2016 -- 208 (2015 --191)
Value of Properties to March 31-- 2016 $15M (2015 -- $12M)
The median value of homes in Terrace over the last three years look as follows:
2014 -- $294,067
2015 -- $284,564
2016 -- $301,589
The story from Kitimat looks like this: 20 properties were sold in the first three months of 2016 worth $5.5 million. Of those 20 properties, 13 were single family homes, 2 were half duplexes and 3 were townhouses. At the end of March there were 110 properties of all types available for sale through the MLS process, up from the 93 listed at the same time one year ago.
Properties Sold to March 31 -- 2016 -- 20 (2015 --20)
Properties Listed to March 31 -- 2016 -- 110 (2015 --93)
Value of Properties to March 31-- 2016 $5.5M (2015 -- $5.7M)
The median value of homes in Kitimat look like this:
2014 -- $321,786
2015 -- $305,885
2016 -- $354,961
The British Columbia Northern Real Estate Board report features a review of real estate statistics for communities across the Northern region of the province, you can explore the numbers from the information package here.
For more items related to Real Estate on the North Coast see our archive page here.
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