The first quarter of 2009 has been a hard sell for those in the real estate industry and a less than rewarding time for those residents trying to sell those homes on the market.
Indicative of the troubled state of the local economy this past year, the much discussed and anticipated boom in real estate has taken a sabbatical for the moment, as the volume of houses on the market certainly isn't turning into quick sales for local home owners.
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In fact, January, February and March have proven to be rather dismal months for those hoping to sell their homes, as sellers appear to be outnumbering the buyers by a very wide margin.
For the first three months of the year, home sales in Prince Rupert were down a fair amount from the pace of the first quarter of 2008. In the quarter ending March 31st, only 10 sales worth 1.67 million dollars were recorded on the MLS system in the region for Prince Rupert, at this time last year 47 properties had changed hands in Prince Rupert providing for a sales total of 9.5 million.
In Prince Rupert as of the final day of March there were 235 properties up for sale an increase from March 31 of 2008 when 167 properties were listed for sale.
For the first three months of the year, home sales in Prince Rupert were down a fair amount from the pace of the first quarter of 2008. In the quarter ending March 31st, only 10 sales worth 1.67 million dollars were recorded on the MLS system in the region for Prince Rupert, at this time last year 47 properties had changed hands in Prince Rupert providing for a sales total of 9.5 million.
In Prince Rupert as of the final day of March there were 235 properties up for sale an increase from March 31 of 2008 when 167 properties were listed for sale.
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The average selling price of a home in the city has dropped from last years totals of $190,625 down to $170,000 this year, though that amount still is more than the figures from 2007 when houses were selling at an average price of 152,000 dollars. The volume of home sales however were much higher two years ago (47 units sold) than they were in the first quarter this year (8 sold).
The figures were outlined in the latest review from the BC Northern Real Estate Board, which observes a slowing trend in most areas of Northern BC, highlighting a 44 per cent decline in sales in the region from this time last year.
The President of the BC Northern Real Estate Board, Gary Shannon describes the current real estate market conditions as “a buyers market”, with the increased inventory of homes providing for more selection with improving affordability for those seeking a home.
Of the three Northwest communities, Terrace continues to at least provide volume and revenue streams for the real estate industry, the first quarter figures for that Northwest city showed 49 properties changing hands, with a monetary value of 8.7 million dollars so far this year.
The figures were outlined in the latest review from the BC Northern Real Estate Board, which observes a slowing trend in most areas of Northern BC, highlighting a 44 per cent decline in sales in the region from this time last year.
The President of the BC Northern Real Estate Board, Gary Shannon describes the current real estate market conditions as “a buyers market”, with the increased inventory of homes providing for more selection with improving affordability for those seeking a home.
Of the three Northwest communities, Terrace continues to at least provide volume and revenue streams for the real estate industry, the first quarter figures for that Northwest city showed 49 properties changing hands, with a monetary value of 8.7 million dollars so far this year.
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Houses in that community continue to climb in price, with the average price of a home in Terrace listed at $223,700, the third year in a row that the price of housing has increased there.
The Prince George website Opinion 250 has a breakdown of all communities in the BC Northern Real Estate Board’s region, which you can examine here.
To save some time for local residents, we highlight the four communities of the Northwest below:
The Prince George website Opinion 250 has a breakdown of all communities in the BC Northern Real Estate Board’s region, which you can examine here.
To save some time for local residents, we highlight the four communities of the Northwest below:
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Prince Rupert: 10 properties worth $1.67 million have sold through the MLS® so far this year, compared to 47 properties worth $9.5 million in the first quarter of 2008. As of March 31st there were 235 properties of all types available for purchase through the MLS®, up from 167 properties last year.
Prince Rupert: 10 properties worth $1.67 million have sold through the MLS® so far this year, compared to 47 properties worth $9.5 million in the first quarter of 2008. As of March 31st there were 235 properties of all types available for purchase through the MLS®, up from 167 properties last year.
Terrace: REALTORS® in Terrace have sold 49 properties worth $8.7 million so far this year compared to 65 properties worth $12.7 million in the first quarter of 2008. 26 single family homes, 5 parcels of vacant land, 3 half duplexes, 4 homes on acreage, 4 manufactured homes in parks and a further 4 on land sold in the first 3 months. As of March 31st there were 242 properties of all types available for sale in the Terrace area, up from 188 properties on MLS® at this time last year.
Kitimat: 12 properties worth $1.875 million sold through the MLS® in the Kitimat area in the first quarter of 2009 compared to 36 properties worth $4.4 million in the first 3 months of 2008. At the end of March there were 103 properties of all types available on the MLS® in Kitimat, up from 79 at this time last year.
Smithers: REALTORS® in the Smithers area reported 31 sales with a value of $5.2 million in the first 3 months of 2009, compared to 52 sales worth $11.2 million to March 31st, 2008. In addition to the 16 single family homes that sold, 5 homes on acreage, 7 manufactured homes in parks and 2 on land, changed hands this year. As of March 31st there were 219 properties available for purchase through the MLS® in the Smithers area compared to 165 at this time last year.
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