Colin Breadner's Prince George Real Estate Blog

Real Estate Sales Slide in '08

Real Estate Sales Slide in '08
By 250 News

Wednesday, January 07, 2009 12:09 PM


Prince George, B.C.- The BC Northern Real Estate Board has released its review of 2008. The year ended up down from ’07.There were 4,755 property sales worth $980.98 million in 2008, down from the last year’s 6,639 properties worth $1.233 billion and 2006’s record of 7,045 worth $1.08 billion.

President Willy Berger comments “Considering that we came from two banner years(2006 and 2007), and compared to many other markets, the year 2008 in the BC NorthernReal Estate Board was still reasonable.”

BC Real Estate Association Chief Economist Cameron Muir in the December issue of The Bulletin states: “Financial hardship is typically caused by job loss and/or an onerous jump in interest rates. By comparison, the unemployment rate in BC remains low – only
half what it was ten years ago. Mortgage interest rates are also low from a historical perspective and are expected to stay near their current level at least through 2009.”

Here are the details on the regions:
Fraser Fort George Region
City of Prince George 1270 properties worth $272.61 million sold in 2008, down from 1824 properties worth $474.7 million in 2007. At year end there were 582 properties of all types available through MLS® in the City, compared to 490 at the end of
2007.(2007 numbers appear in brackets)
In the area west of the bypass half of the 272 (348) single family homes that sold, soldfor less than $213,000 ($223,000). As well, 18 apartment units (21), 5 half duplexes (6)and 34 townhomes (66) changed hands. As of December 31 there were 69 single family
homes listed through MLS® in the area, compared to 70 at this time last year.
East of the bypass, 19 apartment units (40), 16 half duplexes (31) and 33 townhomes (50) sold. The 160 single family homes (243) sold had a median value (half sold for less) of $179,000 ($174,000). At the end of December there were 54 single family homes
available for sale through MLS® compared with 51 at the end of 2007.
In the northern part of the city 6 townhomes (7), 22 homes on acreage (23), 33 manufactured homes in parks (43) and an additional 44 on land (90) sold in 2008. Of the 168 single family homes (201) that sold, half sold for less than $270,000 ($262,000). At
year end there were 72 single family homes available through MLS® in the area, compared to 44 the previous year.
In the southwest sector 2 apartment units (1), 8 half duplexes (17), 14 townhomes (22), 12 manufactured homes in parks (28) and 4 on land (5) changed hands last year. Half of the 245 single family homes (274) that sold, sold for less than $275,000 ($286,000). At
the end of December there were 81 single family homes listed on MLS® in the area, upfrom 57 at the end of 2007.

posted by Colin @ 8:38 AM