Housing prices in Prince George remain strong even though the number of sales are still in decline.
In May of 2019, 149 single-family homes were sold for an average price of 386-thousand dollars while last month saw only 51 of these homes change hands at a value of 403-thousand.
That’s a price increase of 5% over the past 12 months.
Bob Quinlan with Re/Max City Centre Realty told MyPGNow.com the housing market is slowly recovering as the sales decline last month wasn’t nearly as steep compared to April.
“The values still are holding as the people that are purchasing and the people that are selling remain serious. The values are holding within the BC Northern Real Estate Board including Prince George just because our market is a lot different from the Lower Mainland and other major centres like Toronto, Edmonton, and Calgary.”
“So that means the people are coming back. The average sale price of the house is holding up but some people are still concerned about putting their house up on the market as to what the values are going to be as well as what the interest is going to be or whether it’s going to be safe.”
Quinlan added the volume of house sales should pick up in the summer.
“As things open up and clear up and our numbers are looking really good from what I am being told and we’re going to see the market come back but again, prices are strong because we have some versatility here.”
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