Prince George went through its second-busiest year on record in terms of single-family home sales, according to numbers released Wednesday by the B.C. Northern Real Estate Board.
By the end of 2014, 950 such homes were sold for an average $271,580 each, working out to $258 million of activity. That's just behind the $260.2 million reached in 2007, when 1,083 homes went for an average of $240,245.
A three-year slide followed. Activity has steadily climbed since then.
"Prince George continues the story of the last few years: continued growth and overall balance. Sales in the city are up approximately nine per cent over last year, with overall median sales prices of all property types rising 4.5 per cent," BCNREB president Ken Laursen said.
"Limited inventory in the middle market home, has led to a noticeable rise in the cost of homes popular among first time buyers; while there is some evidence of a softening of the higher end market."
Over the coming year, Laursen is predicting continued modest growth in both the number of sales and average home prices across much of northern B.C.
"The market will be affected by the timing and number of the larger northern LNG and mining projects expected to be green-lit in the next few years," Laursen said. "It is important to remember that the real estate is local, and can vary significantly from one area to the other."
Looking at properties of all types, 1,449 properties worth $355.5 million sold in Prince George in 2014, compared with 1,291 properties worth $314 million in 2013.
At year end there were 556 properties of all types available through the Multiple Listing Service compared to 639 properties at the end of 2013.
In the area west of Highway 97, half of the 284 single family homes sold in 2014, sold for less than $240,000. As well, 42 apartment units and 51 townhomes changed hands in 2014.
As of Dec. 31, there were 40 single family homes listed through MLS in this area of the city, compared to 44 at the same time last year.
East of Highway 97, seven apartment units, three half duplexes, and 16 townhomes sold in 2014. The 182 single family homes sold had a median value of $200,000. At the end of December there were 38 single family homes available for sale through MLS in this area compared with 51 at the end of 2013.
In the northern part of the city, 33 homes on acreage, 16 manufactured homes in parks and a further 56 manufactured homes on land sold in 2014. Of the 209 single family homes sold, half sold for less than $279,900.
As of December 31st there were 33 single family homes available through MLS in this area of the city, compared with 53 at the end of 2013.
In the southwest sector, 12 half duplexes, 22 townhomes, 12 homes on acreage, 15 manufactured homes in parks and a further five manufactured homes on land sold in 2014. Half of the 258 single family homes sold in 2014 sold for less than $331,500.
At year end, there were 43 single family homes available for sale through MLS in the southwest sector, compared with 57 at the end of 2013.
