Thursday, January 07, 2010

Prince Rupert real estate transactions still show declines

The Northern BC Real Estate Board has issued its year end numbers, and for Prince Rupert the trend over the course of the last year was one of decline.

115 properties for a total of 19.37 million dollars changed hands in 2009 a drop from the 152 transactions recorded in 2008 which provided for a total value of 28.51 million dollars that year. Of the 93 single family homes for sale in 2009, half of them went for under 175,000 dollars. Five parcels of vacant land and five homes on acreage also were sold in the last year.
( **Note of correction: Realtors and would be home sellers can climb off the cliff, as the number of 75,000 originally referenced in this item, should have read 175,000 dollars. An apparent missed digit in a press release to Opinion 250 and other media outlets the cause of some eyebrow raising, thanks to a helpful reader who advised accordingly. The above paragraph has been edited to reflect that change)

The nature of the real estate market in Prince Rupert provided for a reduction of volume as well last year with 191 properties of all types listed on the market through MLS in 2009, down signifcantly from the 252 properties that were listed on the MLS system in 2008 .

The numbers in Terrace offered more volume but somewhat similar results, with 258 properties with a total value of 44.62 million changing hands, down from the 2008 number of 287 that provided for 53.63 million dollars in market value that year.

The value of a single family home however was higher than the Rupert numbers, of the 151 single family homes listed in Terrace for 2009, half sold for less that 190,000 dollars. By years end however, the number of homes on the market showed little in the way of a change in volume, with 192 on the market, number that held steady from the year before when 210 homes were listed at years end in 2008.

The numbers for Kitimat haven't reflected the effect that the pending closure of Eurocan may have on that community just yet, with 90 properties for a total of 14.17 million dollars changing hands in 2009, down from 141 of 2008 which were valued at 20.93 million.

In 2009 half of the 61 single family homes that sold went for less than $147,500 a figure that may change dramatically in 2010 as the Eurcan closure becomes a reality later this month.

The volume of homes on the market was on the increase as 2009 came to an end with 126 properties of all types listed on MLS, compared to the 103 that were listed at the end of 2008.

Opinion 250 has posted a complete review of the numbers from all regions of the Northern Board's reporting area.

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