Double the volume, double the closing price marks the first six months for Prince Rupert realty from one year ago

The latest review of Real Estate sales in Northern British Columbia for 2021 seems to confirm what we all have taken note of in Prince Rupert, the price point of local homes on the North Coast continues to chart new levels from the recent past as demand seems to outpace supply at the moment.

BCNREB President Sandra Hinchliffe provided for the latest update on data on sales in an information release last week, which noted of renewed optimism in the North coming out of COVID and major projects pushing the demand for housing in many communities of the region.

When it comes to the review of data record sales and a record low inventory is churning the market in many areas of the North and Northwest.

"Home sales across the north are continuing at a very strong pace. Sales in Q2 of 2021 are down 7% on a seasonally adjusted basis from Q1 but remain near record highs. Total MLS® unit sales in the region covered by the BC Northern Real Estate Board surged 101% compared to this time last year when the onset of the pandemic depressed market activity. In terms of unadjusted residential unit sales, May of 2021 was the largest ever recorded at 655. 

The level of active listings finished the second quarter down 16% year-over-year and is roughly unchanged on a seasonally-adjusted basis from Q1. The combination of record sales and near record low inventory is driving continued price growth. Average sale price rose 5.5% from Q1 to $382,489 in Q2. Year-over-year, average sale price was up 16.5% in Q2. Finally, average days on market declined slightly from 57 to 55 on a seasonally adjusted basis from Q1 to Q2. It is down from 74 days in the same quarter last year."

Towards this second half of 2021, the BCREA has noted that 2021 could be a banner year for volume of sales and price points for many communities.

"Forecasting the remaining half of the year, the British Columbia Real Estate Association (BCREA) anticipates that MLS® sales in 2021 will surpass the previous record of 5,564 units sold in 2006. With extremely low inventory of available homes and continued heightened demand, prices are likely to continue rising throughout the year. As a result, BCREA forecasts that home prices will rise by close to 20 per cent in 2021."

Prince Rupert was very much in the mix when it came to that surge of property deals closing , with homes continuing with recent trends over the first six months of the year.

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When it comes to a review of the numbers for the first six months of the year. Prince Rupert stats show a sharp increase in sales with  164 in the first three months compared to  89  properties a year ago. That has delivered some $62.2 million in results, compared to $29.9 million a year ago for properties that have sold through the MLS® so far this year. 

Of those 164 properties sold, 104 were single-family residential properties with a median price of $388,900.

As of June 30, there were 97 properties of all types available for purchase through the MLS® in the Prince Rupert area. On average it took 55 days for those properties sold this year to change hands.

The  ongoing heat of the market in Prince Rupert keeps the city at a pace similar to the Terrace market, which has long been the most active of the regional housing markets in recent years.

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Realtors in the Terrace area sold 200  properties in the first six months of 2021 up from 105 of a year ago. 

The value of these properties was $84.2 million  compared. to $34.1 million a year ago. 

Half of the 112 single family homes that sold fetched prices less than $450,000. On average it takes 60 days to close the deal on homes in the Terrace area.

In the first six months, 16 parcels of vacant land, 9 half duplexes and 21 homes on average also changed hands. 

As of June 30th,  there were 231 properties of all types available for sale in the Terrace area.

 
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Kitimat - By the end of June, the Kitimat market had seen 121 properties change hands up significantly from 48 properties one year ago. The value of the transactions of properties which have been reported sold was worth $43.8 million almost tripling the amount of 15 million a year ago. 

Half of the 74 single family home sold to June 30th had sold for less than $370,000, taking an average of 81 days to completion of the sale.

At the end of  June there were 140 properties of all types available for sale through MLS® in the Kitimat area

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Smithers is also continuing to see significant growth in the realty sector,  the Bulkley Valley community reported 136 sales compared to 90 a year ago,  with a value of $45.5 million to June 30th 2021,   up from the $28.1 1million one year ago . 

Half of the 55 single family homes sold so far this year sold for less than $367,000, on average it took 55 days to sell a home in the Bulkley Valley community.

In addition to single family homes, 43 parcels of vacant land and 20 homes on averages also changed hands in the first half of 2021.

At the end of  June there were 89 properties of all types available for purchase through the MLS® in the Smithers area. 

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Over the course of a three year period of review, Prince Rupert has been among the most active markets  in terms of price increases of the communities of the Northwest, with an average property listing of today 125,000 higher than  it was in 2019.

You can review the full overview for the different regions from the BCNEB here.  

More items of note on the Housing sector can be found here.