Tuesday, January 17, 2017

Year end numbers show decline in sales volume for Prince Rupert real estate in 2016

The British Columbia Northern Real Estate Board has compiled its stats for the final quarter of 2016 and with the last of the data not in, they have released a picture of the realty market in Northwestern British Columbia as a new year gets under way.

The Real Estate board based out of Prince George conducts reviews of the realty sector across the northern region on a quarterly basis, with January delivering the overview for the year previous.

Board President William Lacy made note of how the Northwest region fared in a year that had some positive trends, as well as a few challenges for communities around the North.

"The North West of the province had a steady year. The fourth quarter showed signs of a decrease in activity when compared to last year's fourth quarter, but the year-end numbers showed a steady year. It is good to see that the “boom and bust” cycles have seemed to have turned into a “boom and hold steady” pattern."

While actual sales on the North Coast were down, the return to home owners in sales revenue was close to the same mark as 2015.

For Prince Rupert 198 properties worth $51.3 million changed hands through the course of 2016, down eleven from the year end numbers of the year before, when 209 properties change hands, worth $51.4 million.

From the 2016 numbers, half of the 157 single family homes that were sold during the year sold for less than $256,000.  The year end numbers show that 14 parcels of land were sold, as well as 1 townhouse and 8 half duplexes.

As 2016 came to an end, the Prince Rupert marketplace had 150 properties of all types available through the MLS system, a number down from this time one year ago.

The Terrace region continued to bring in the largest volume of sales and highest revenues for sellers, the 239 properties sold in Terrace through 2016, delivered a financial return of $67.3 million to those putting their homes on the market.

Those numbers however are down somewhat from the year end of 2015 when the Realty Board noted that 271 properties had been sold worth 70 million dollars.

For 2016, 139 single family homes changed hands,  with half selling for less than $300,000.

10 parcels of vacant land, 26 homes on acreage, 16 manufactured homes in parks and another 13 on land also had new owners as the year came to an end.

The current MLS listings for Terrace heading towards the end of January show 161 properties available through the MLS system, up from the 151 properties that were noted back in December of 2015.

Kitimat remained third overall in the western side of the Northwest listings, that community saw 91 properties worth $23.1 million change hands through the year,  down from 2015 levels of 120 properties sold worth $33 Million.

The median value of the 60 single family homes sold in Kitimat through 2016 was listed at $253,900, 11 half duplexes and 8 town homes also change hands in the Aluminum city last year.

Home hunters looking into the Kitimat market will find a growing volume to choose from so far this year, as 2016 came to an end, realtors had 112 properties of all types available through MLS, a number nearly double the amount of 63 that Kitimat recorded one year ago.

Heading east, Smithers saw  the same pace in sales in  2016 as they had in the year previous with 251 sales worth $56.9 million taking place last year. However, that dollar amount brought in lower returns for those selling their homes in 2916, down 9 million dollars from the returns from the 2015 home sales.

The median price for homes in 2016 for Smithers was $250,000, as the year ended 179 properties were listed through MLS for the community, down from the 211 that were for sale at the start of the year.

The full review of the entire Northern region, including an expansive overview of the largest city in the north in Prince George can be found here.

For items related to the real estate sector on the North Coast see our archive page here.

As well, a look at our weekly real estate listings is delivered to the blog every Monday morning, when we offer up our Real Estate Tracker reviewing the ten listings asking the highest amounts from the city's three main realtors.

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