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Average selling price for single-family homes up slightly in city |
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Written by PAUL STRICKLAND
Citizen staff
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Friday, 04 July 2008 |
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Between Jan. 1 and June 30 of 2008 466 single-family homes changed for an average selling price of $242,565. During the first half of last year, 553 homes were sold in the city, but for a slightly lower average price of $241,563.
During the whole calendar year of 2007, realtors sold 1,083 homes for an average selling price of $240,245.
As for statistical medians, half of the 466 homes that changed hands so far this year sold for less than $224,900 and took, on average, 51 days to sell, the board said.
In all categories of real estate, in Prince George 693 properties worth $153 million have changed hands so far this year through the Multiple Listing Services (MLS), down from 952 properties worth $197.2 million sold between Jan. 1 and June 30, 2007.
Up to this point this year 21 pieces of vacant land, 22 apartments, 53 townhouses, 34 manufactured homes in parks and a further 26 manufactured homes on land have changed hands within the city.
As of June 30 there were 841 properties of all types available for sale through MLS, compared to 741 at this time last year.
"The interest rates for mortgages still remain in the single digits, making home ownership more affordable than even a year ago," said Willy Berger, president of the B.C. Northern Real Estate Board.
In the northern two-thirds of the province served by the board, there were 2,750 sales through MLS in the first six months of this year, compared with 3,408 during the same period last year and 3,421 during the first half of 2006. The value of these properties totaled $533.6 million during the first half of this year compared to $625.7 million during the first six months of 2007 and $502 million during the same period of 2006.
As of June 30 this year there were 4,794 properties of all types for sale through MLS, up from 3,515 at this time last year.
The region served by the BCNREB extends from Valemount in the east to the Queen Charlotte Islands in the west, and from 100 Mile House in the south to Fort Nelson in the north (excluding the Peace district).
"The market in most of our communities has moved into what the economists would call a buyers' market, giving all those people who were waiting to get into the market the opportunity to finally do so," Berger said.
Berger said the economic outlook for northern B.C. continues to remain positive, even though the forest industry has had major adjustments.
"The mining industry and oil and gas exploration are reaching all time highs in this region," he continued. "There are 36 per cent more properties available on the Multiple Listing Service in northern B.C. than there was a year ago, giving buyers for any type of property a good selection to choose from."
In Mackenzie 15 properties worth $1.2 million have sold since the beginning of the year, compared to 27 properties worth $3.2 million to June 30, 2007. There are 89 properties of all types available for purchase through the MLS in the Mackenzie area.
During the first half of this year, 13 single detached houses in Mackenzie sold for an average price of $108,773, down from 22 homes with an average selling price of $136,672 during the first six months of 2007.
In Fort St. James 34 properties worth $3.4 million have sold since Jan. 1, compared to 19 properties worth $1.2 million last year. At the end of June this year there were 75 properties available for sale in the district of Fort St. James, up from 39 at this time last year.
Twelve single detached houses in Fort St. James sold for an average price of $124,666 between Jan. 1 and June 30 this year, up from just three selling for an average price of $92,333 during the first half of 2007.
Realtors in the Vanderhoof area have been responsible for the sale of 83 properties worth $15 million in the first half of 2008, compared with 96 property worth $12.5 million last year, Berger said. Half of the 31 single-family homes on lots less than an acre in size that have changed hands this year sold for less than $169,000 and took, on average, 48 days to sell.
In addition, 12 pieces of vacant land, 21 homes on acreages and nine manufactured homes on land have sold so far this year. At the end of June there were 129 properties of all types available for purchase on the MLS in the Vanderhoof, compared to 87 at this time last year.
The average selling price for a single detached home in Vanderhoof was $173,754 as of June 30, up from $168,641 a year earlier, according to charts provided by the BCNREB.
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