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Prince Rupert realty market remains strong through third quarter

Real estate sales in Prince Rupert continue to climb, with more than 200 properties being sold through the first three quarters of 2013.

Real estate sales in Prince Rupert continue to climb, with more than 200 properties being sold through the first three quarters of 2013.

A total of 206 properties worth $43.4 million sold in Prince Rupert by the end of September, up 82 properties and $23.2 million 2012 figures. Included in that figure are 154 single family homes with a median selling price $180,000 and an average selling price of $196,215. Those numbers are also well up from 2012, where 98 single family homes sold for an average of $193.691.

"It's a bull market. House sales are up 57 per cent year-to-date ... I don't see any reason why it would not continue. Our office is busy and there is a steady supply of buyers and sellers," said Victor Prystay with Royal LePage Prince Rupert, noting that lower priced homes are moving fast.

"It is evolving into a seller's market, but I don't think it is a hard seller's market yet. The houses that are under $200,000 are being picked up ... if you look at the inventory in the $150,000 to $200,000 range, it is getting pretty sparse."

Although that average selling price is up significantly, Prince Rupert is well below other northwest communities when it comes to the average selling price. The average price of a home in Smithers is $253,075, the average price in Terrace is $250,157 and the average price in Kitimat jumped from $175,959 in the first nine months of 2012 to $230,716 during the same time period this year.