After a slow start to 2011, the average selling price for a home in Prince George rebounded to last year's level, the latest numbers from the B.C. Northern Real Estate Board (BCNREB) are showing.
During the first quarter of this year, single-family houses were going for a scant $242,936 - compared to $246,990 during first quarter 2010 - but for the second quarter, the average was $249,823, just slightly off $249,609 seen during the same period last year.
That's good news from a seller's perspective although the number of sales remained below last year's levels. In all 254 homes were sold during Q2 this year for a sales volume of $36.2 million, compared to 269 sales and $41.5 million over Q2 2010.
Year-to-date, 403 homes have been sold for an average $247,277, adding up to $99.7 million, down from 437 homes for $248,602 and $108.6 million by the same point in 2010 and 466 sales for $242,565 each and $113 million by halfway through 2011.
"We had a slow start and it seems to be picking up now but we have lots of inventory," BCNREB director Joni Brown said.
She advised sellers to "price to where the market is" and "do your best for presentation."
"It's still a buyers' market," she said. "There are some good deals out there and the interest rates are still low, so it's still a really good time for people to be coming into the market."
It's a good time to pick up investment property, Brown added.
"Their costs of carrying are still going to be very low," she said.
Looking at properties of all types, 592 properties worth $136.3 million have changed hands so far this year, compared with 635 properties worth $139 million in the first six months of last year.
At the end of June there were 888 properties of all types available for purchase through the Multiple Listing Service in Prince George.
In the area east of the Bypass, the 62 single family homes that sold had a median price of $179,000.
In the Hart area of the city, 81 single family homes sold with a median price of $250,000.
The 120 single family homes that sold in southwest Prince George had a median sale price of $285,500.
