The Prince George real estate market is continuing to show a gradual upswing, according to the latest numbers from the B.C. Northern Real Estate Board.
As of the end of September, single family homes have been selling for $261,184, representing a $9,216 increase over the average price by the same point last year. Moreover, sales have added up to 725, which is 48 more than by the third quarter of 2012.
Combined, that worked out to $189.4 million worth of single family homes exchanging hands so far this year, an $18.8-million increase over the amount reached after nine months in 2012.
"We're continuing to sell more and more and our prices are slightly going up for year-over-year," BCNREB vice-president Ken Laursen said.
Looking at an area-by-area breakdown for Prince George, Laursen noted that activity was highest on the southwest, where 196 homes have been sold for a median price of $315,000, compared to 194 sales for a median $312,000 by the third quarter last year.
"That's because that's where the lion's share of the new home construction is," Laursen said. "Basically, we have newer homes in the College Heights area with the University Heights, Creekside Properties, Malaspina Ridge... so those prices are edging up."
In the Hart, 148 homes have sold for a median price of $278,000, while in the west side, 145 have gone for a median $278,000 and east of the bypass, 133 have been sold for a median $187,000.
Real estate agents had a good summer, Laursen said.
"Things were busy," he said.
Moreover, there has been a solid upward trend in terms of prices and sales over the past few years after activity dipped to a low of $148.8 million as of the end of September 2009. By the same point in 2007, the figure was $207.3 million before the recession hit.
"We're not seeing a spike or anything," Laursen said. "We're just seeing a nice, healthy, gradual increase."
Laursen is expecting a bit of a slowdown for the final quarter.
"It seems like people are kind of waiting to hear more about what's going on with the developments around the pipelines and how things are going there," he said.
The numbers were released Friday.