Realtors in northern B.C. are reporting they’ve sold less properties in the first half of 2019 than 2018, but the value of these properties is higher.
The BC Northern Real Estate Board (BCNREB) reports 2,298 properties sold through the Multiple Listing Service (MLS) in the first six months of 2019, down from the 2,488 sales reported in the first half of 2018. The value of these properties is higher though, as it was $716.5 million in 2019, compared with $680.2 million in 2018.
At the end of June, there were 4,073 properties of all types available for purchase through the MLS of BCNREB, up from 3,859 at the same time last year.
“Many of the communities in our board region saw a decrease in number of sales and number of listings,” BCNREB president Leah Mayer said in a press release. “Overall, the sales activity has decreased by 7.64 per cent, and the number of active listings has increased by 5.55 per cent.”
In the south region, the number of sales in Quesnel decreased from 164 in 2018 to 154 in 2019, while the number of listings increased (from 301 in 2018 to 351 in 2019), and the number of active listings increased (from 199 in 2018 to 246 in 2019).
Williams Lake had a slight increase in sales (from 237 in 2018 to 241 in 2019) and a decrease in number of active listings (from 348 in 2018 to 288 in 2019). In 100 Mile House, there was a decrease in sales (from 271 in 2018 to 207 in 2019) and an increase in active listings (from 494 in 2018 to 568 in 2019).
“Anecdotal reports suggest that the market in 100 Mile House will not be affected by mill closures because many of the buyers are coming from the coastal areas of British Columbia,” according to the press release.
In Prince George, there was an increase in sales (from 691 in 2018 to 697 in 2019), listings (from 1096 in 2018 to 1142 in 2019) and number of active listings (from 579 in 2018 to 658 in 2019). The average price for a single-family dwelling has increased from $356,478 in 2018 to $366,073 in 2019.
Looking closer at sales activity, in the Quesnel area, realtors reported 154 sales worth $42.3 million so far this year, compared to 164 sales worth $36.7 million in the first six months of 2018. Of the 58 single-family homes sold between January and June, half sold for less than $291,000, and these homes took, on average, 38 days to sell.
In addition, 23 parcels of vacant land, 36 homes on acreage, eight manufactured homes in parks and 12 manufactured homes on land have sold in the first six months of 2019. As of June 30, there were 246 properties of all types available for purchase through the MLS in the Quesnel area.
In the Williams Lake area, 241 properties have sold so far this year, compared to 237 properties by June 30, 2018. The value of these properties is $63.7 million, which is up from $58.2 million in 2018. Of the 77 single-family homes sold this year, half sold for less than $297,500, and these homes took, on average, 43 days to sell. In addition, 37 parcels of vacant land, 18 townhouses, 44 homes on acreage, 15 manufactured homes in parks and 26 manufactured homes on land changed hands in the first six months of 2019.
At the end of June, there were 288 properties of all types available for purchase through the MLS in the Williams Lake area.
Two hundred and seven properties worth $52.8 million have changed hands through the MLS in the 100 Mile House area since January 1st. This compares with 271 properties worth $63.1 million in the same period in 2018. Half of the 61 homes that sold so far this year sold for $315,000 or less and, on average, it took 60 days for these homes to sell. Also reported sold were 57 parcels of vacant land, 54 homes on acreage, seven manufactured homes in parks, 13 manufactured homes on land, and 10 recreational properties. At the end of June, there were 568 properties of all types available for purchase through the MLS in the 100 Mile House area.