House prices up, sales down
Written by PAUL STRICKLANDCitizen staffThursday, 03 April 2008
House prices in Prince George continued their trend upward during the first quarter of this year compared to the same period last year, according to a report released Thursday by the B.C. Northern Real Estate Board.However, the number of sales of single-family homes during the first three months of 2008 declined from 2007.Between Jan. 1 and March 31, real estate agents sold 193 single-detached houses, down from the 243 in 2007. Yet the average price of a home sold during the first quarter of this year was $246,839, up about six per cent from the typical price of $232,951 last year.The average price for the first quarter of this year was also up almost three per cent from the average for 2007. Prices varied in part according to the sector of Prince George in which the home was sold.In the west part of the city, the median price of the 54 single-family homes that were sold on the Multiple Listing Service during the first quarter of this year was $211,000. In the area east of the Bypass, the 39 single-family houses that sold during the first three months of this year had a median price of $171,000.In the Hart area, 40 single-family homes sold with a median price of $286,500. In the southwest section, 51 houses have sold since Jan. 1, with a median price of $279,000.In all areas it took on average 45 to 48 days for these homes to sell. At the end of March there were 779 properties of all types on the MLS within Prince George city limits.Throughout the region served by the B.C. Northern Real Estate Board, sales of properties of all types through the MLS during the first quarter of 2008 were down by 21 per cent compared to the same period last year.To the end of March 2008 a total of 1,051 properties with a value of $219,611,298 changed hand in the region covering much of the northern two-thirds of B.C.However, real estate agents say there may be some good news for buyers because there are more properties to choose from. As of March 31 there were 3,604 properties of all types available for sale, up from 2,858 at this time last year."Spring is here for most of our communities," board president Willy Berger said. "The real estate market is getting active."Buyers are out looking and sellers are taking this opportunity to market their properties," he said. "Compared to the first quarter of 2007, buyers have more properties to choose from and a few more days to make their decision."With the current interest rates remaining low, we are anticipating a strong spring market."In Mackenzie, three properties worth $308,000 have sold since Jan. 1, compared to 13 properties valued at $1.38 million during the first quarter of last year. There are 46 properties of all types available for purchase through the MLS in the Mackenzie area.In the Quesnel district realtors reported 63 sales worth $8.1 million in the first three months of 2008, compared to 105 sales worth $13.6 million between Jan. 1 and March 31, 2007.
posted by Colin @ 12:29 PM
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