BCNREB President Shawna Kinsley rolled out the data on sales in an information release on Tuesday, which noted how some of the resource sector struggles along with State of Emergency provisions due to COVID-19 have had an impact on many of the member communities of the Board.
The first half of 2020 saw a significant decline in housing demand in the region, with sales in April reaching a low not seen since January 1988. Despite the region's struggling forestry, and mining and oil sectors, the decline in the second quarter was primarily due to the state of emergency declared by the province that implemented physical-distancing measures.
This halted real estate activity across the province, which is highly reliant on in-person interactions. Moreover, significant job losses were reported in the services sector in the region, and large projects such as LNG and BC Hydro paused work that was deemed non-essential.
As a result, total MLS® unit sales in the region covered by the BC Northern Real Estate Board fell by 30 per cent in the second quarter year-over-year. Despite the pullback in demand, prices increased by 2 per cent year-over-year due to an 18 per cent year-over-year decline in active listings as potential sellers put off listing their properties. At the end of the second quarter, the MLS® average price was $329,364.
Prince Rupert however, was very much against the trend when it comes any significant impact to date; with the North Coast results holding close to the values of last year, while delivering a bit more return for the seller compared to one year ago.
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| Data on Prince Rupert realty from the BCNRB |
When it comes to a review of the numbers for the first six months, the region has held to the same amount of properties changing hands as last year, while bringing in just over six million dollars from the asking price for the period of January to June.
Prince Rupert had 89 properties worth $29.9 million reported sold through MLS to the end of June, that compares to 89 properties worth $23.5 million at the half way mark of 2019.
The median price of the 62 single-family homes that sold was $320,000.
On average, it took homes in Prince Rupert less than 88 days to sell.
As of June 30th there were 101 properties listed in the region on the MLS program
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In the Terrace area there was a decline in the volumes of one year ago. 105 properties worth $34.1 million were sold in the first six months of 2020, compared to 134 properties worth $45.6 million in the same period last year.
Half of the 55 single-family homes that sold, sold for less than $370,000. On average, it took these homes 58 days to sell.
In addition, 10 parcels of vacant land, 1 half-duplex, and 14 homes on acreage changed hands in the first 6 months of the year.
At the end of June there were 253 properties of all types available for purchase through the MLS program in the Terrace area.
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Kitimat realty also realized a decline in the first six months compared to the year before.
48 properties worth $15 million have sold through the MLS process in the Kitimat area in the first six months of 2020, compared to 71 properties worth $37.7 million at this time last year.
Half of the 31 single-family homes sold so far this year sold for less than $325,000 and, on average, it took these homes 89 days to sell.
At the end of June there were 140 properties of all types available for purchase through the MLS® in the Kitimat area.
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Smithers realtors also saw some declines in the first six months compared to a year ago.
90 sales with a value of $28.1 million in the first six months of 2020, compared to 113 sales worth $35.3 million at this time last year. Half of the 39 single-family homes sold so far this year sold for less than $311,000 and took, on average, 66 days to sell. 10 parcels of vacant land and 17 homes on acreage also changed hands since January 1st.
As of June 30th, there were 112 properties of all types available through MLS system in the Smithers area.
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Over the course of a three year period of review, Prince Rupert has seen a trend upwards so far in 2020 when it comes to the average selling price for properties.
You can review the full overview for the five different regions for the BCNRB here.
More items of note on the Housing sector can be found here.
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