The average selling price for a single family home hit an unprecedented level over the first half of the year.
As of the end of June, they were going for $275,353, according to a B.C. Northern Real Estate Board quarterly report released this week, up noticeably from $259,103 or the first half of 2013 and $247,435 for the same period in 2012.
However, the number of sales was up only slightly, to 459 so far this year from 451 by the end of June 2013 and 448 by the end of June 2012. There have been busier periods on that front - over the first half of 2005, 620 single family homes were sold, albeit for an average of $144,039.
BCNREB president Ken Laursen said most markets in northern B.C. are going from a balanced market to a seller's market but advised those putting their homes on the market to be realistic.
"If I were a seller and thinking it's time to put my home on the market, I would make sure that I contacted a realtor and made sure I got what the market value of my home is today and not what it may be in a couple of months so you don't fall into the trap of overpricing."
As for home buyers, either new entrants or someone looking to buy up or buy down, "now would be the time because prices are climbing and inventory is shrinking, so there are fewer options out there," Laursen said.
Looking at properties of all types, 695 worth $170.2 million in total have changed hands so far this year, compared with 636 properties worth $158.7 million in the first six months of last year.
In the western part of the city, the median price of the 137 single family homes that have sold through the Multiple Listing Service was $240,000.
East of the Bypass, the 89 single family homes that sold had a median price of $205,000.
In the northern part of the city, 107 single family homes sold with a median price of $295,000.
The 117 single family homes that sold in the southwest section of the city had a median sale price of $330,000.
At the end of June there were 860 properties of all types in the city available for purchase through MLS.
