Prince George's real estate agents and homeowners saw increases in both average prices and the number of sales for single-family homes during 2013, according to B.C. Northern Real Estate Board numbers released Tuesday.
In all, 910 single-family homes were sold for an average $259,962 - working out to $237 million worth of activity over the year.
In 2012, activity added up to $212 million based on 841 sales at $252,391 each. And in 2011, it was $203 million from 823 sales for $236,484 each.
Last year's total is still below the peak of $260.2 million reached in 2007, based on 1,083 sold for $243,649 apiece but BCNREB vice president Ken Laursen is not complaining.
Laursen said he prefers the slow steady increases the city is enjoying now compared to risking another boom and bust. Activity ramped up considerably in the years leading up to 2007 before the market for single-family homes took a dive to $194.9 million in 2009.
"Sales are increasing, the value of what we're selling is increasing... but not at huge rates which is good for people looking to get into the market," Laursen said.
Growing confidence in northern B.C.'s economy and progress in major projects in the region means the pace should continue in 2014 in Laursen's opinion.
"The economy here in the north is outpacing the economy in the rest of the province, which would tell me that we should see a little bit of an influx from the south of people moving to the north," Laursen said.
Looking at properties of all types, 1,291 exchanged hands for a total of $314 million, compared with 1,244 properties worth $294 million. At year end there were 639 properties of all types available through the Multiple Listing Service compared to 620 properties at the end of 2012.
Here's an area-by-area look at how real estate fared in Prince George in 2013:
- West of the bypass, half of the 290 single family homes sold went for less than $230,250. As well, 20 apartment units and 33 townhomes changed hands in 2013.
As of Dec. 31, there were 44 single family homes listed through MLS in this area of the city, compared to 58 at the same time last year.
- East of the bypass eight apartment units, 13 half duplexes, and 20 townhomes sold in 2013. The 177 single family homes sold had a median value of $186,000.
At the end of December there were 51 single family homes available for sale compared with 36 at the end of 2012.
- In the Hart, 31 homes on acreage, nine manufactured homes in parks and a further 50 manufactured homes on land sold in 2013. Of the 185 single family homes sold, half sold for less than $270,000.
As of Dec. 31 there were 58 single family homes available compared with 38 at the end of 2012.
- In the southwest, 15 half duplexes, 17 townhomes, 14 homes on acreage, 10 manufactured homes in parks and a further six manufactured homes on land sold in 2013. Half of the 245 single family homes sold in 2013 sold for less than $315,000.
At year end there were 57 single family homes available for sale, compared with 55 at the end of 2012.
