There’s still plenty of time for things to turn around for the real estate market in Prince George.
The BC Northern Real Estate Board (BCNREB) reports 2,298 properties sold through the Multiple Listing Service (MLS) in the first six months of 2019, down from the 2,488 sales reported in the first half of 2018. The value of these properties was $716.5 million compared with $680.2 million in 2018. At the end of June, there were 4073 properties of all types available for purchase through the MLS of BCNREB, up from 3,859 at the same time last year.
“We always slow down a little bit in the summer, but stuff is still moving,” Northern BC President Leah Mayer told MyPGNow. “Our market is still strong. And compared to the rest of the province, Prince George has held up really well.”
According to Mayer, the sales activity has decreased by 7.64 per cent, and the number of active listings has increased by 5.55 per cent.
There was an increase in sales (from 691 in 2018 to 697 in 2019), listings (from 1096 in 2018 to 1142 in 2019), and the number of active listings (from 579 in 2018 to 658 in 2019). The average price for a single-family dwelling has increased (from $356,478 in 2018 to $366,073 in 2019).
In the City of Prince George, 697 properties worth $245.7 million have changed hands so far this year, compared with 691 properties worth $216 million in the first six months of last year. In the western part of the City, the median price of the 124 single-family homes that have sold through MLS was $333,000. In the area east of the Bypass, the 101 single-family homes that sold had a median price of $280,000. In the northern part of the City, 84 single-family homes sold with a median price of $377,500. The 136 single-family homes that sold in the southwest section of the City had a median sale price of $429,900. At the end of June there were 658 properties of all types available for purchase through the MLS in the City of Prince George.
“Overall, our sales in Northern B.C. are down but our listings are up. It’s just that time of year; people are busy. Like I say, the market is strong and it will continue to be good. That’s what it’s forecasted to do and we see no reason for it not to,” said Mayer.