Real Estate still a hot property in the Northwest

Terrace is leading the Northwest when it comes to the latest numbers of the Northern BC Real Estate board, as 192 properties have been sold since the start of the year worth some 27.8 million dollars compared to 131 properties in Prince Rupert worth 23.7 million and 80 properties in Kitimat worth 9.7 million.

The numbers were taken from MLS listings across the North and don't include private sales or non affiliated vendors such as Property Guys and such.

In Prince Rupert the total number of properties sold is an increase of 28 properties from the same time last year and an increase of 9.4 million dollars in property worth. As of the end of June there were 172 properties of all types on the market locally, compared to 179 a year ago.

The Opinion 250 website had full details of the real estate scene for Northern BC here, but for Northwest residents we provide the relevant details below.

NORTHWEST REGION

Prince Rupert: sold a total of 131 properties worth $23.7 million through the MLS® this year, compared to 113 properties worth $14.3 million by the end of June last year. The accompanying chart shows comparable prices for single family homes over last year, but the median price this year (half sold for less) for the 100 homes sold was $152,000. At month end there were 172 properties of all types for sale, compared to 179 on June 30th last year.

Terrace: sold a total of 192 properties of all types worth $27.8 million so far this year. Last year in the same period 176 properties with a total value of $21.5 million sold. Half of the 97 single family homes that sold through the MLS® since January (see chart following) have sold for $164,500 or less. The number of days these houses took to sell dropped from an average of 58 days last year to 38 days this year. At month end there were 204 properties in all categories for sale, down from 275 on June 30th last year.

Kitimat: 80 properties worth a total of $9.7 million have sold through MLS® since January 1st, compared to 92 properties (all classifications) worth $9.8 million last year. The median price for the 56 houses sold in Kitimat was $115,000, virtually unchanged from 2006 (see chart following for average prices) but the number of days to sell has dropped in half from an average of 89 days a year ago to 45 this year. At month end there were 91 properties of all types available for purchase, compared to 78 last year.