Property sales up over the first half of 2023

Real estate sales in the area are on the rise, the Northern Real Estate Board (BCNREB) reports.

The board states that 2,286 properties were sold through the Multiple Listing Service in the first six months of 2024, up from the 2023 sales reported in the first half of 2023.

The value of these properties was $939.6 million compared with $826.7 million in 2023. At the end of June, there were 3,682 properties of all types available for purchase through the MLS, up from 3546 at the same time last year.

Sales in the B.C. Northern region rose to their highest level since Q2 of 2022 in the second quarter of 2024. At 1,021 sales on a seasonally adjusted basis, housing market activity in the region was just 3 per cent below the historical average level last quarter. Seasonally adjusted active listings ticked downwards in Q2.

With 1,794 units at the end of June of 2024, the current level of active listings is about 15 per cent below the level needed for the market to be in long-run balance.

The average sale price in the board area rose by 7 per cent from last quarter to a new record of $434,000 in the second quarter, surpassing the previous record of $431,000 in Q2 of 2022. The seasonally adjusted average days on market fell to 68 from 72 in Q1.

Markets around the board region varied. Seasonally adjusted sales rose from the prior quarter in 100 Mile House, Fort St John, Kitimat, Prince George, and Terrace, while declining in Prince Rupert, Quesnel, Smithers, and Williams Lake.

Overall, the housing market in the BC Northern Board tightened somewhat from the prior quarter, with sales up, listings down, and prices setting a slight record. But the market is still not hot, and the sales-to-active listings ratio is in balanced territory.

The Bank of Canada cut its policy rate for the first time since 2020 last quarter, and buyers may enter the market in greater numbers if the bank continues to cut into the summer and fall as is widely anticipated, the board reports.

Prince George: In the City of Prince George, 641 properties worth $306.1 million have changed hands so far this year, compared with 545 properties worth $254 million in the first six months of last year. In the western part of the city, the median price of the 113 single-family homes that have sold through MLS was $464,900. In the area east of the bypass, the 72 single-family homes that sold had a median price of $405,550. In the northern part of the city 76 single-family homes sold with a median price of $554,400. The 119 single-family homes that sold in the southwest section of the city had a median sale price of $550,000. At the end of June there were 781 properties of all types available for purchase through the MLS in the City of Prince George.

100 Mile House: 179 properties worth $79.8 million have changed hands through the MLS in the area since Jan. 1. This compares with 167 properties worth $68 million in the same period in 2023. Half of the 59 homes that sold so far this year sold for $485,000 or less and, on average, it took 66 days for these homes to sell. Also reported sold were 34 parcels of vacant land, 42 homes on acreage, 7 manufactured homes in parks, 14 manufactured homes on land, and 15 recreational properties. At the end of June there were 483 properties of all types available for purchase through the MLS® in the 100 Mile House area.

Williams Lake: 211 properties have sold so far this year, compared to 162 properties by June 30, 2023. The value of these properties is $85.6 million ($56.4 million in 2023). Of the 75 single-family homes sold this year, half sold for less than $460,000 and these homes took, on average, 42 days to sell. In addition, 18 parcels of vacant land, 17 townhouses, 45 homes on acreage, 25 manufactured homes in parks and 19 manufactured homes on land changed hands in the first six months of 2024. At the end of June there were 249 properties of all types available for purchase through the MLS® in the Williams Lake area.

Quesnel: In the Quesnel area, realtors reported 147 sales worth $55.4 million so far this year, compared to 139 sales worth $47.2 million in the first six months of 2023. Of the 54 single-family homes sold between January and June, half sold for less than $388,500; these homes took on average, 62 days to sell. In addition, 19 parcels of vacant land, 40 homes on acreage, 15 manufactured homes in parks and 9 manufactured homes on land have sold in the first six months of 2024. As of June 30, there were 268 properties of all types available for purchase through the MLS in the Quesnel area.

Vanderhoof: Realtors in the Vanderhoof area reported 54 sales worth $18.2 million in the first six months of the year, compared to 48 sales worth $21.3 million to June 30, 2023. As of June 30, there were 110 properties of all types available for purchase through the ML in the Vanderhoof area.

Fort St. James: 27 properties worth $7.4 million have sold through the MLS in the Fort St. James area so far this year, compared with 15 properties worth $3.3 million in the first six months of 2023. At the end of June there were 47 properties of all types available for purchase through the MLS® in the Fort St. James area.

Fort St. John: Realtors assisted in the sale of 331 properties worth $120 million in the first half of 2024, compared to 293 properties worth $117.2 million in the first six months of 2023. The 140 single-family homes which sold so far this year had a median selling price of $382,500 and it took, on average, 65 days for these homes to sell. In addition, 25 parcels of vacant land, 41 half-duplexes, 25 homes on acreage, 15 manufactured homes in parks and 20 manufactured homes on land changed hands so far this year. As of June 30, there were 509 properties of all types available for purchase through the MLS in the Fort St. John area.

Fort Nelson: 26 properties worth $5.3 million have sold since Jan. 1, compared to 42 properties worth $5.6 million in the same period last year. Half of the nine single-family homes sold since January sold for less than $233,000. These homes took, on average, 136 days to sell. At the end of June, there were 130 properties of all types available for purchase through the MLS in the Fort Nelson area.

Mackenzie: In the first six months of 2024, 53 properties worth $9.6 million were reported sold through the MLS in the Mackenzie area, compared to 24 properties worth $5.2 million to June 30, 2023. Half of the 41 single-family homes sold so far this year sold for less than $179,000 and took, on average, 115 days to sell. As of June 30, there were 63 properties of all types available for purchase through the MLS in the Mackenzie area.