Monday, October 17, 2016
Prince Rupert sees few changes in third quarter Real Estate results from BCNRB
The snapshot of the real estate market for the first nine months, gives an indication as to the trends that are taking place and sets the scene for the late fall and winter, months that traditionally find the real estate market slow down.
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, but with the dollar amounts declining for those looking to sell their homes, their hold on that lead would appear to be getting shaky.
The details of the Prince Rupert market look as follows:
164 properties worth $43.9 million have been reported sold through the MLS system in the Prince Rupert area so far this year, that makes for an uptick in money received, but a slight decline in volume from last years levels, when 168 properties worth $39.7 million were sold through September 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 135 single family homes that were sold came to $268,000 with half selling for less than $256,000. However, it is also taking a little longer to sell those properties with the average amount of time now at 82 days, up from previous wait times of 67 days for sellers to find a buyer.
As of September 30th there were 178 properties of all types listed as available through the MLS system.
Properties sold to September 30 -- 2016 --164 ( 2015 -- 168)
Properties listed to September 30 -- 2016 -- 178
Total Value of Properties -- 2016 -- $43.9 M ( 2015 -- 39.7M )
Average Value of Detached Properties to September 30 -- $268,288 (135 properties)
2015 -- $248,865 (126 properties)
2014 -- $214,136 (192 properties)
Around the Northwest the September report found declines for both Terrace and Kitimat as those communities continue to address some of the stalled economic initiatives of the recent months.
In Terrace 197 properties, worth $56.2 million were sold in the first nine months of the year, a noteworthy reduction from the sales figure of last year when 225 properties had been sold by September at a total of 57.6 million dollars.
Half of the 111 single family homes that were sold by this September went for less than $309,000 and on average it took 69 days to close the deal.
In addition to the single family homes, Terrace saw 10 parcels of vacant land sold and 21 homes on acreages changing hands. 13 manufactured homes in parks were sold to September, while deals for 11 manufactured homes on other land were also closed over the last nine months.
By the end of September the Terrace market had 243 properties listed through the MLS system.
Properties sold to September 30 -- 111 ( 2015 -- 131 )
Properties listed to September 30 -- 243
Total Value of Properties -- 2016 -- $56.2M (2015 --$57.6M)
Average Value of Detached Properties to September 30 --
$317, 318 (111 properties)
2015 -- $308,266 (131 properties)
2014 -- $307,507 (136 properties)
Kitimat features much the same story as this time last year as well, with 78 properties worth 20.1 million having been subject to transactions up to September 30th. That compares to 89 property transactions at this time last year which brought in 24.4 million dollars in sales.
Half of the 56 family homes sold in the community this year have gone for less than $253,900 and the average amount of time to sell a home has been 80 days.
Kitimat also saw 1 parcel of vacant land, 8 half duplexes and 5 town-homes sold in the last nine months.
At the end of last month there were 128 properties available in the community through the MLS system.
Properties sold to September 30 -- 78 ( 2015 -- 57 )
Properties listed to September 30 -- 128
Total Value of Properties -- 2016 $20.1M (2015 $24.4 M)
Average Value of Detached Properties to September 30 -- $280,296 (56 properties)
2015 -- $303,510 (57 properties)
2014 -- $318,270 (67 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 12:17 PM