The Gold Pan City’s real estate market is holding it’s own as surrounding areas see increases.
Members of the BC Northern Real Estate Board (BCNREB) reported 4,456 property sales worth $951.6 million in 2011 through the Multiple Listing Service (MLS), up from last year’s 4,300 sales worth $867.3 million.
In Quesnel, 248 properties changed hands in 2011 through MLS, compared to 264 properties in 2010. The value of these properties was $42.1 million ($44.5 million in 2010).
The median value of the 106 single family homes sold in 2011 was $174,000. In addition, 33 parcels of vacant land, 44 homes on acreage, 23 manufactured homes in parks and a further 18 on land were reported sold in 2011. At year end there were 215 properties of all types available for purchase through MLS, down from 243 properties at the end of 2010.
In Williams Lake, 324 sales worth $65.5 million were reported through MLS in 2011,down from 361 sales worth $79 million the previous year. Half of the 132 single family homes sold in 2011 sold for less than $215,000. Twenty-six parcels of vacant land, 59 homes on acreage, 17 town homes, 33 manufactured homes in parks and a further 32 manufactured homes on land were also sold in 2011. At the end of 2011 there were 342 properties of all types available through MLS, down from 374 properties as of December 31, 2010.
In Prince George, 1,197 properties worth $272.1 million sold in 2011, compared with 1151 properties worth $245.3 million in 2010. At year end there were 527 properties of all types available through MLS in the city compared to 588 properties at the end of 2010.
In the area west of the by-pass, half of the 270 single family homes that sold, sold for less than $216,000. As well, 16 apartment units and 27 town homes changed hands in 2011. As of Dec. 31, there were 49 single family homes listed through MLS in this area of the city, compared to 49 at the same time last year.
East of the by-pass, 13 apartment units, 11 half duplexes and nine town homes sold in 2011. The 129 single family homes sold had a median value of $174,900. At the end of December, there were 57 single family homes available for sale through MLS in this area, compared with 42 at the end of 2010.
In the northern part of the city, commonly referred to as ‘the Hart’, 28 homes on acreage,23 manufactured homes in parks and a further 41 manufactured homes on land sold in 2011.
Of the 168 single family homes sold, half sold for less than $254,000. As of Dec. 31 there were 50 single family homes available through MLS in this area of the city compared with 47 at the end of 2010.
In the southwest sector 12 half duplexes, 17 town homes, 11 homes on acreage and 15 manufactured homes in parks sold in 2011. Half of the 248 single family homes sold in 2011 sold for less than $296,000. At year end there were 69 single family homes available for sale through MLS in the southwest sector, compared with 57 at the end of 2010.
“Notwithstanding a slow start in the first quarter of 2011 the northern B.C. real estate market ended the year on a positive note with the numbers of sales and average sales prices in the majority of communities up over 2010 and with the communities of Terrace, Kitimat, Houston, Smithers and the Peace River and Prince George particularly showing positive increases in both activity and average sale price,” board president Victor Prystay said.
“Listing inventory, on the other hand, is generally down throughout the region and with interest rates continuing at record lows it seems reasonable to expect the market to move into more positive territory in 2012, from what has been, generally speaking, a buyer’s market, to a more balanced, or perhaps even, a seller’s market.”