Thursday, July 7, 2016
Second quarter Real Estate results show similar trends from this time one year ago
The snapshot of the real estate market for the first six months, gives an indication as to the trends that are taking place and sets the scene for the summer and fall sales season, months that traditionally find increased visits by prospective buyers to examine listed properties.
The numbers for Prince Rupert don't show much in the way of change from a year to year review, with similar volumes and prices marking the six month review period up until the end of last month.
While the over heated market of a few years ago has cooled significantly as the hype over major economic development settled down, there is still movement in the regional realty markets, with Terrace continuing to lead the region in total sales and total value.
The details of the Prince Rupert market look as follows:
101 properties worth $28.5 million have been reported sold through the MLS system in the Prince Rupert area so far this year, that comes close to matching last years levels at this time when 109 properties worth $24.5 million were sold in the first half of 2015.
From the information from the Board, sellers on the North Coast would appear to be getting just a little bit more for their property listings this year.
The median price of the 81 single family homes that were sold came to $269,000 and on average it took 67 days for sellers to find a buyer.
As of June 30th there were 181 properties of all types listed as available through the MLS system.
Properties sold to June 30 -- 2016 --101 ( 2015 -- 109)
Properties listed to June 30 -- 2016 -- 181
Total Value of Properties -- 2016 -- $28.5 M ( 2015 -- 24.5M )
Average Value of Detached Properties to June 30 -- $285,055 (81 properties)
2015 -- $241,503 (80 properties)
2014 -- $206,496 (141 properties)
Around the Northwest the June report found increases for both Terrace and Kitimat as those communities continue to feature progress on economic initiatives.
In Terrace 134 properties, worth $39 million were sold in the first six months of the year, a boost in sales revenue but a slight reduction from the sales of last year when 144 properties had been sold by June at total of 35.7 million dollars.
Half of the 74 single family homes that were sold by this June went for less than $315,000, on average it took 77 days to close the deal. In addition to the single family homes, Terrace saw 8 parcels of vacant land sold, 6 half duplexes and 14 homes on acreages changing hands.
By the end of June the Terrace market had 245 properties listed through the MLS system.
Properties sold to June 30 -- 134 ( 2015 -- 144 )
Properties listed to June 30 -- 245
Total Value of Properties -- 2016 -- $39M (2015 --$35.7M)
Average Value of Detached Properties to June 30 -- $324, 478 (74 properties)
2015 -- $302,162 (80 properties)
2014 -- $294,651 (99 properties)
Kitimat features much the same story as this time last year as well, with 47 properties worth 14 million having been subject to transactions up to June 30th. That compares to 40 property transactions at this time last year which brought in 11 million dollars in sales.
Half of the 33 family homes sold in the community this year have gone for less than $350,000 and the average amount of time to sell a home has been 67 days.
At the end of last month there were 144 properties available in the community through the MLS system.
Properties sold to June 30 -- 47 ( 2015 -- 40 )
Properties listed to June 30 -- 144
Total Value of Properties -- 2016 $14M (2015 $11M)
Average Value of Detached Properties to June 30 -- $318,754 (33 properties)
2015 -- $301,336 (25 properties)
2014 -- $320,131 (49 properties)
The British Columbia Northern Real Estate Board Report offers a review real estate statistics from across communities in Northern B. C., you can explore the findings further here.
For more items related to Real Estate on the North Coast see our archive page here.
Posted by . at 10:20 AM