The real estate market in Prince Rupert continues to be a hot one, with more properties sold for more money than last year.
Numbers released by the B.C. Northern Real Estate Board show 263 properties worth $55.4 million were sold in the first nine months of 2014 compared to 206 properties worth $45 million through the first three quarters of 2013 — an increase of 57 properties and $10.4 million.
So far this year there have been 192 single family homes sold, with half of those selling for less than $213,000, compared to last year when 154 single family homes sold for a median price of $196,215. The numbers from 2014 are a five-year-high for real estate sales in Prince Rupert and well above the low of 72 homes being sold for a median price of $185,149 back in the first three quarters of 2011. This year, homes took an average of 76 days to sell.
At the end of September there were 176 property types still for sale on the Multiple Listing Services.
Real estate sales in Prince Rupert have bucked the trend of declining property sales in the Northwest. In Terrace, 288 properties worth $72.5 million sold in the first nine months of 2014 compared to 289 properties worth $65.1 million in the first three quarters of 2013. In Kitimat there were 128 properties worth $35.9 million sold by the end of September compared to 195 properties worth $47.7 million in 2014.
However, Prince Rupert remains the most affordable option for families looking to locate in the region. The median selling price for homes in Terrace was $298,000 while the median selling price for a single family home in Kitimat was $323,000.