Wednesday, July 08, 2009

Declining sales figures show that buyers still rule the local real estate market

The first six months have not been kind ones for those seeking to sell their homes in the Prince Rupert area.

The Northern BC Real Estate Board has released it's mid year report for the region and Prince Rupert's real estate scene continues to struggle during the ongoing economic troubles.

Sales were down by half in Prince Rupert with only 44 properties changing hands, down significantly from last year when 87 property transactions were reported by June. So far in 2009, only 7.4 million dollars in sales has been recorded, a more than fifty percent decline from last years 17.4 million in sales.

The average price of those Prince Rupert homes that sold was $178,000 and it took sellers over 147 days to move their houses off the market on average.

There is still a large volume of hosues on the market as well, with 270 listed on the MLS system by July 1, an increase from last year at the same time when 243 were listed on the market.

Prince Rupert is not alone in the declining fortunes of the real estate markets this year, Terrace saw only 82 homes change hands thus far down from last year at 169, though in Terrace there are fewere homes on the market at the moment with 281 properties of all types available for purchase through MLS in the Terrace area, down slightly from 302 at June 30th, 2008.

And Kitimat has seen a slump in sales as well with 48 home sold in the year to date, down from 134 at the same time last year, there are 128 properties available for purchase through the MLS, up from 114 properties this time last year.

Further to the east, Prince George saw their sales of houses go up for the first part of 2009, though prices have come down there. The average price of a single home in the Prince George area is $230,109, about $3,600 less than over the first three months of the year.

The Northern View-- Prince Rupert realty sales plummet
Terrace Standard-- Real estate sales drop in Terrace
Opinion 250-- Real estate sales down in first half of year
Prince George Citizen-- Home sales up, prices down
Prince George Free Press-- Market moving toward being more balanced

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