November Sales Drop for the BC Northern Real Estate Board.
Saturday, December 13, 2008 05:14 AMPrince George, B.C.- The BC Northern real estate Board which includes Prince George, reports that year to date sales of residential units are down 25% compared to January to November of last year.The B.C. Northern Board also indicates the average price of a home is up 10.5% as of the end of November, compared to the same eleven months in 2007.
Provincially, the story is a little different as residential sales were down 62 per cent to 2,707 units during the January to November period. The average MLS® residential price in the province was $395,687, down 12.5 per cent from November 2007.
"The average sale price of a home in the province hit a 26-month low in November," said Cameron Muir, BCREA Chief Economist. "The irony of markets is that there’s no shortage of buyers when prices are near a peak and a scarcity of buyers when prices are near a trough." Home prices were 8 per cent lower in November 2008—nine months after the peak—than they were nine months prior to the peak.
posted by Colin @ 9:41 AM
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