Market reflects healthy growth

Real estate is looking up across British Columbia and the Gold Pan City is no exception.

Real estate is looking up across British Columbia and the Gold Pan City is no exception.

“Sales are up pretty much across the board and listing inventory is down slightly,” BC Northern Real Estate Board president Joni Brown said.

“Prices have increased some, but not drastically and show the steady and healthy trend of a stable market.”

In the Quesnel area,  realtors reported 148 sales worth $25.9 million so far this year, compared to 105 sales worth $20.5 million in the first six months of 2011.

Of the 67 single family homes sold between January and June, half sold for less than $205,000; these homes took, on average, 85 days to sell.

In addition, 23 parcels of vacant land, 29 homes on acreage, five manufactured homes in parks and 17 manufactured homes on land have sold in the first six months of 2012. As of June 30 there were 366 properties of all types available for purchase through the Multiple Listing Service (MLS) in the Gold Pan area.

Comparatively, in Williams Lake 156 properties have sold so far this year, compared to 167 properties by June 30 of 2011. The value of these properties is $32.9 million ($34.9 million in 2011).

Of the 62 single family homes sold this year, half sold for less than $233,000.

These homes took, on average, 66 days to sell. In addition, nine parcels of vacant land, six townhouses, 37 homes on acreage, 14 manufactured homes in parks and a further 20 on land changed hands in the first six months of 2012. At the end of June there were 482 properties of all types available for purchase through the MLS in the Williams Lake area.

In the City of Prince George, 659 properties worth $154.7 million have changed hands so far this year, compared with 592 properties worth $136.3 million in the first six months of last year. In the western part of the city, the median price of the 135 single family homes that have sold through MLS was $225,000. In the area east of the bypass, the 90 single family homes that sold had a median price of $179,500.

In the northern part of the city, commonly referred to as “the Hart”, 91 single family homes sold with a median price of $248,500. The 128 single family homes that sold in the southwest section of the city had a median sale price of $310,000. At the end of June there were 793 properties of all types available for purchase through the MLS in the city of Prince George.

“All indicators from the economists are that BC Northern will maintain a healthy level of growth,” Brown said.

“Interest rates are still on the historical low end while prices remain reasonable, making it a great time for investors to build their portfolios in the real estate sector and for homeowners to upgrade or enter the market.”