Friday, October 13, 2017
Third quarter results show Prince Rupert realty market still recording gains
The British Columbia Northern Real Estate Board has released its findings for the third quarter of 2017 and while the North Coast holds steady and even finds some increases in listings and sales, other areas of the region continue to experience a slow down as some of the economic struggles for many communities continue to dog the realty sector.
The Real Estate board based out of Prince George conducts regular reviews of the realty sector across the northern region on a quarterly basis, with the September report offering a glimpse into the market a the three quarter point of the year.
Board President John Evans made note of similarities between this year and last and put some focus as to how the Northwest region has fared over the first nine months, with some positive observations for Prince Rupert and Smithers, while a more cautionary tone is in place for some of the other regional communities.
"In the West, Prince Rupert sales and sales-dollar volume have increased slightly. Kitimat’s sales are slightly lower and inventory is down from last year. Sales and number of listings in Terrace have dropped only slightly this year compared to last year. In Smithers, both sales and number of listings have risen, though there is still a supply crunch in residential detached housing. Overall, Smithers has seen steady demand throughout the year."
And indeed, the findings for Prince Rupert finds the North Coast real estate market still showing positive trends, while both Terrace and Kitimat continue to record somewhat lower levels this year compared to those from last year over the course of the first nine months.
For Prince Rupert 170 properties worth $47.1 million have been reported sold through MLS in Prince Rupert so far this year, compared to 164 properties worth $43.9 million from the end of September of 2016.
The median price of the 130 single family homes that sold was $285,000. On average it took the homes 82 days to sell.
As of September 30th there were 170 properties of all types available for purchase through the MLS option in the area.
The Terrace region saw the continuation of a dip in sales, with 178 properties worth $49.1 million sold in the first nine months of 2017, compared to 197 properties worth $56.2 million in the same period last year.
Half of the 107 single family homes that sold, sold for less than $308,000. On average it took 74 days for those homes to sell. In addition to the single family residences,11 parcels of vacant land and 21 homes on acreage changed hands in the first nine months of the year.
At the end of September, there were 259 properties of all types available for purchase through MLS in the Terrace area.
Kitimat also saw reduced listing for the first nine months of the year, 73 properties worth $15.6 million had been sold through MLS to the end of September, compared to 78 properties worth $20.1 million at this time last year.
Half of the 60 single family homes sold so far this year, have sold for less than $211,000 and on average it has taken 120 days for a home to sell.
At the end of September, there were 89 properties of all types available for purchase in the Kitimat area.
Heading east, Smithers continued to see an increased pace from 2016, with 217 sales reported in the first nine months of 2017 to a total value of $56.7 million dollars. That compares to the results from this time last year when there were 203 sales made worth $46.6 million.
Half of the 100 single family homes sold so far this year have been for less than $274,000 and took an average of 58 days to sell. 25 parcels of vacant land and 53 homes on acreage have also changed hands since January 1st.
As of the end of June, there were 202 properties of all types available in the the Smithers are through MLS.
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.
Posted by . at 9:36 AM