Roughly 100 more properties have been sold in Prince George during the first half of 2024 when compared to the same time last year.
According to the second quarter report from the BC Northern Real Estate Board, 641 properties worth 306.1 million dollars have changed hands this year – up from the 545 that came off the market for a combined total of 254 million (June 2023).
Past President, Breanne Cote told MyPGNow.com the local housing market has seen a nice rebound from a quiet 2023, although most of the summer should see a slow down in activity.
“Oftentimes we see in the summer months Prince George gets a little bit quieter as everyone goes on vacation and takes advantage of the warm weather. It will then pick up again in the late summer and early fall and that is what I would expect and project for the rest of the year here.”
“We are getting back into a more normal market. Last year was a lot quieter than normal and this year has been just along with what we would normally see in the first couple quarters of the year.”
In June, the average price of a single-family home in PG was over 537-grand, a 16-thousand dollar spike when compared to the same month last year.
Cote added while College Heights and the Hart sections of the city remain the most popular among buyers, all areas of PG are getting a piece of the sales pie.
“We are seeing them sell in all areas of the city like Prince George north, the south west and we are seeing that trend continuing because of the higher interest rates some of the lower-priced homes are going faster than some of the higher-priced ones.”
In the western part of the city, the median price of the 113 single-family homes that have sold through was $464,900.
According to the BCNREB, the area east of the bypass, the 72 single-family homes that sold had a median price of $405,550.
For the Hart, the 76 single-family homes sold with a median price of $554,400. In College Heights, 119 single-family homes sold for an average median sale price of $550,000.
At the end of June, there were 781 properties of all types available for purchase through the MLS within city limits.
Regionally, the board states 2,286 properties were sold through the Multiple Listing Service in the first six months of this year, up from the 2,023 sales reported in the first half of last year.
The value of these properties was a shade under $940 million compared with $826.7 million in 2023. At the conclusion of last month, there were 3,682 properties of all types available for purchase through the MLS, up from 3,546 as of June 2023.
Home sales in the north rose to their highest level since the second quarter of 2022. At 1,021 sales on a seasonally adjusted basis, housing market activity in the region was 3% below the historical average level last quarter.
With 1,794 units at the end of June, the current level of active listings is about 15% below the level needed for the market to be in long-run balance.
In addition, the average sale price in the board area rose by 7% from last quarter to a new record of $434,000, surpassing the previous record of $431,000 in Q2 of 2022.
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