Big drop in real estate sales in Fort St. John

The BC Northern Real Estate Board reports that home sales dropped by over $30 million dollars in Fort St. John.

In the first six months of the year, 268 properties worth $67.2 million were sold, compared to 388 properties worth $101.6 million in the first six months of 2008. The median selling price in the first six months of 2009 was $280,000.

In the rest of Northern BC, the numbers have dropped even more. There were 1791 sales in the first six months of the year, compared to 2570 in the same period last year. The value of these properties totaled $364.9 million, compared to $533.6 million in 2008.

Northern BC Real Estate Board President Gary Shannon believes the market is slowly moving towards recovery in most areas. He says lower prices and historically low mortgage rates are drawing buyers into the market.

Below is detailed information on each region in Northern BC.

Cariboo Region
100 Mile House: 136 properties of all types worth $27.3 million have been sold through REALTORS® in the area since January 1st. This compares with 226 properties worth $51.5 million in the same period last year. Of the 39 single family homes sold this year, half sold for $211,000 or less and it took, on average, 112 days for these homes to sell. In addition, 32 parcels of vacant land, 35 homes on acreage, 4 manufactured homes in parks and a further 14 manufactured homes on land sold so far this year. At the end of June there were 791 properties of all types available for purchase through the MLS® in the 100 Mile House area – up from 676 properties last year.

Williams Lake: 136 properties have sold so far this year compared to 218 by June 30th of 2008. The value of these properties is $25.8 million ($45.1 million in 2008). Half of the 48 single family homes sold this year, sold for less than $218,500 and took on average 92 days to sell. In addition, 8 parcels of vacant land, 10 townhouses, 26 homes on acreage, 17 manufactured homes in parks and 15 on land changed hands. As of June 30th there were 442 properties available for purchase through the MLS® in the area, just slightly higher than 432 properties at the end of June, 2008.

Quesnel: In the Quesnel area, REALTORS® reported 92 sales worth $16.9 million so far this year, compared to 177 sales worth $26.9 million in the first six months of 2008. Half of the 40 single family homes (on lots of less than an acre in size) sold for less than $195,000 and these homes took, on average, 61 days to sell. In addition, 7 parcels of vacant land, 18 homes on acreage, 10 manufactured homes in parks and a further 7 on land have been sold in 2009. At the end of June there were 325 properties available for purchase through the MLS® in the area, compared to 295 at this time last year.

Northwest Region
Prince Rupert: 44 properties worth $7.4 million changed hands through the MLS® in the Prince Rupert area so far this year compared to 87 properties worth $17.2 million in the first half of 2008. The median price of the 35 single family homes (on lots of less than an acre in size) that sold was $178,000. On average it took these homes 147 days to sell. At the end of June there were 270 properties of all types available for purchase through the MLS®, up from last year’s 247 properties.

Terrace: REALTORS® in the Terrace area sold 134 properties worth $23.9 million in the first 6 months of 2009, compared to 169 properties worth $31.6 million last year. Half of the 77 single family homes (on lots of less than an acre in size) that sold, sold for less than $196,500. On average, it took these homes 107 days to sell. In addition, 10 parcels of vacant land, 10 homes on acreage, 10 manufactured homes in parks and 11 manufactured homes on land have changed hands so far this year. As of June 30th there were 281 properties of all types available for purchase through MLS® in the Terrace area, down slightly from 302 at June 30th, 2008.

Kitimat: 48 properties worth $8.3 million have sold through the MLS® in the Kitimat area in the first six months of 2009, down from 82 properties worth $12 million last year. Half of the 33 single family homes (on lots of less than an acre in size) that sold so far this year, sold for less than $168,000 and, on average, it took these homes 99 days to sell. In addition, 4 half duplexes, 5 townhouses and 4 homes on acreage changed hands. At the end of June there were 128 properties available for purchase through the MLS®, up from 114 properties this time last year.

Bulkley Nechako Region
Houston: 11 properties worth $1.06 million have sold so far this year compared to 20 properties worth $2.9 million in the first half of 2008.. As of June 30th there were 54 properties of all types available for purchase through the MLS® in the Houston area.

Smithers: REALTORS® in the Smithers area reported 99 sales worth $19.2 million in the first six months of 2009 compared to 114 sales worth $24.8 million to June 30th, 2008. Half of the 50 single family homes (on lots of less than an acre in size) which have sold so far this year, sold for less than $217,000 and took on average, 93 days to sell. In addition 9 parcels of vacant land, 20 homes on acreage, 13 manufactured homes in parks and 6 on land, have changed hands since January 1st. At the end of June there were 238 properties of all types available for purchase through the MLS® in the Smithers area, up from 194 properties at this time last year.

Burns Lake: 37 properties worth $3.9 million have changed hands since January 1st compared to 61 properties worth $5.5 million to June 30th, 2008. The median sale price of the 19 single family homes (on lots less than an acre in size) was $85,600. On average, it took 95 days for these homes to sell. As of June 30th there were 129 properties of all types available for purchase through MLS® in the area, down from 153 properties available June 30th, 2008.

Vanderhoof: REALTORS® in the Vanderhoof area reported 32 sales worth $4.9 million in the first six months of 2009 compared to 83 property sales worth $15 million in the same period last year. The median selling price of the 13 single family homes (on lots less than an acre in size) was $162,000. It took these homes, on average, 90 days to sell. At the end of June there were 117 properties of all types available for purchase in the Vanderhoof area, down slightly from 129 properties last year.

Fort St. James: 8 properties worth $813,000 have sold through the MLS® in the Fort St. James area so far this year, down from 34 properties worth $3.4 million last year. At the end of June there were 76 properties of all types available for purchase through MLS®.

Northern Region
Fort St. John: REALTORS® assisted in the sale of 268 properties worth $67.2 million in the first half of 2009, compared to 388 properties worth $101.6 million in the first six months of 2008. The 148 single family homes on lots less than an acre in size which sold so far this year had a median selling price of $280,000. On average, it took these homes 74 days to sell. In addition, 35 parcels of vacant land, 10 half duplexes, 13 homes on acreage, 8 manufactured homes in parks and a further 35 on land have sold so far this year. At the end of June there were 556 properties of all types available for purchase through the MLS® in the area, down slightly from 573 properties as of June 30th, 2008.

Fort Nelson: 38 properties worth $9.9 million have sold since January 1st, compared to 65 properties worth $12.6 million in the same period last year. Half of the 25 single family homes (on lots less than an acre in size) sold so far this year, sold for less than $229,000. These homes took, on average, 68 days to sell. At the end of June there were 98 properties available on the MLS® in the Fort Nelson area, up from 92 last year at this time.

Fraser Fort George Region
Mackenzie: In the first 6 months of the year, 21 properties worth $2.2 million changed hands through MLS® compared to 15 properties worth $1.2 million last year. At the end of June there were 141 properties available on the MLS® in the Mackenzie area, compared to 89 properties a year ago.

Prince George: In the City of Prince George 565 properties worth $121 million have changed hands so far this year through MLS®, compared to 693 properties worth $153 million to June 30th, 2008. In the western part of the City, the median price of the 110 single family homes that have sold through MLS® was $192,500. In the area east of the Bypass the 82 single family homes that sold had a median price of $173,500. In the northern part of the City, commonly referred to as “the Hart”, 96 single family homes sold with a median price of $246,000. In the southwest section, 107 homes have sold with a median price of $262,200. At the end of June there were 814 properties of all types available on MLS® within the City limits, compared to 844 at the end of June, 2008.