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Average Prince George home price nearly $520,000 during first quarter

Figure a near $70,000 jump from same period last year

Single family homes in Prince George sold for $519,979 on average during the first quarter of the year, according to numbers released by the B.C. Northern Real Estate Board.

The figure represents a $69,078 increase over the average price homes went for during the first quarter last year.

The figure was offset by a decline to 189 from 227 in the number of homes that exchanged hands. However both the number of homes up for sale and the time they remained on the market were significantly lower than for the same period last year.

"Housing markets across the north started 2022 with sales trending about 25 per cent above long-term average levels, suggesting the potential for yet another strong year," BCNREB said in a news release.

"Unfortunately, the region is suffering from extremely low supply, which means continued upward pressure on home prices.

"We expect markets will remain tight through the first half of 2022 before rising mortgage rates and continued tightening by the Bank of Canada begins to temper demand by the summer."

Looking at properties of all types, 282 worth $141.4 million were sold during the first quarter, down from 374 worth $150.3 million over the same period last year.

In the western part of the city, the median price of the 53 single-family homes that have sold on MLS® was $ $445,000, up by $34,500.  

In the Bowl east of Highway 97, the 53 single-family homes that sold had a median value of $ $419,900, up by $84,900.

In the Hart, 27 single-family homes sold with a median price of $502,000, up by $82,000. 

In the southwest, 56 homes have sold since January with a median price of $620,250 up $112,750. 

At the end of March there were 285 properties of all types available through the Multiple Listing Service, compared to 192 during the first quarter of 2021.