More dismal northeast region real estate numbers

Photo by Trevor Bolin Real Estate

FORT ST. JOHN – After it posted first quarter sale and property value totals this year, which fell just short of those for the same period last year, the BC Northern Real Estate Board has released a second quarter report, with improved numbers.

It shows 2,389 properties were sold through the Multiple Listing Service in the first six months of 2016, and that’s now slightly ahead of the comparable 2015 total of 2,376.

In addition, the value of those properties was $611 million, and that’s also up from last year, when the six month total value was $601 million.

However, despite these bright spots the northeast region numbers are still reflecting the downturn in the oil and gas industry.

191 properties were sold locally in the first half of the year, but that was just 51% of the 374 sold in the same period last year.

Meantime, the properties sold in the first six months of this year were worth $72.7 seven million, only about 55% of the 2015 total of $131 million.

The 82 single family homes which have sold so far this year in the city had a median selling price of $387,000, and it took on average 78 days to move them.

The year-over-year comparison shows 139 single family homes sold in the first half of 2015, with the median selling price at $403,500, and on average it took only 39 days for them to sell.

Fort St. John is still the only one of the fifteen listed member communities where the average selling price of a residential detached house at the end of June was over $400,000.

However, on a year-over-year basis that price had dropped by nearly 17 thousand dollars from $422,277 to $405,421.

It was much worse in Fort Nelson, where sale numbers were very small, but the average selling price of just four sold units was $225,900 dollars, a drop of more than $90,000 from the comparable 2015 average of $316,390 dollars for ten units.