An upward trend in Prince George for the average price of a single-family home continues to be offset by a decline in the number sales so far this year, according to a B.C. Northern Real Estate Board report issued Friday.
As of the end of the third quarter, the average price stood at $354,751 - a rise of $36,866 or 11.6 per cent over the reigning price by the same point last year. However, that was offset by a 95-unit or 11.8-per-cent decline in sales to 710, working out to $251.9 million of activity, a $4-million or 1.6 per cent decrease.
Real estate agent Bob Quinlan explained the apparent divergence as a function of buyers willing to pay for what they want and being willing to wait to get it.
"If they don't get that house, even in competing offers, they're not going to default back to the second one in line," he said.
Looking ahead, Quinlan predicted both sales and average price will continue on the same levels.
"If anything is not in good condition, people are going to beat it up," he said. "If anything is in real nice condition, it'll go for a premium.
"The majority of the public wants everything fixed and finished. There is only a small percentage that will go in and do a fixer upper and flip it."
Quinlan said he is pretty sure the Bank of Canada will increase the interest rate sometime this month but added the banks continue to offer great discounts on variable rates while five-year fixed rates stand at 3.5 to 3.9 per cent - well down from the so-called traditional levels.
Sales were most brisk in the city's southwest where 212 single-family homes sold and the median price was $428,000, compared to 216 homes and $312,000 by the same point last year.
In the western part of the city, the median price of the 206 homes sold this year was $312,000, compared to 229 for $282,000.
North of the Nechako, the count was 142 homes sold and a median price of $366,250, compared to 181 and $322,000
East of Central Street, 142 homes sold with a median price of $255,000, compared to 168 for $230,000.
Looking at properties of all types, 1,082 worth $341.3 million changed hands, compared with 1,238 properties worth $358.5 million by the same point last year.
At the end of September, there were 607 properties of all types available for purchase in Prince George through the Multiple Listing Service, down slightly from 624 at the end of September 2017.
