Home sales in Prince Rupert down 50 per cent, average value up more than $47,000

The number of homes sold in Prince Rupert through the first three months of 2015 is half of the number sold by the end of March 2014.

The number of homes sold in Prince Rupert through the first three months of 2015 is half of the number sold by the end of March 2014, but the value of those homes has increased substantially.

Through the first quarter of the month there have been 28 homes sold at an average selling price of $238,407 compared to 56 homes sold at an average selling price of $190,461. So while the number of homes has dropped by 28, the average price for the homes sold has increased by $47,947.

While Prince Rupert isn’t alone in the Northwest when it comes to seeing a decrease in houses sold, it is the only city where the value of the houses is on the rise. In Terrace there were 31 houses sold for an average of $284,564 this year compared to 43 homes sold for $294,067 last year while Kitimat saw its housing sales fall to 14 homes at an average of $305,885 from 23 homes at an average of $321,786 in the first quarter of 2015.

When all property types are considered, there have been 83 transactions so far this year for a total of $8.1 million compared to 83 properties sold in the same time period last year for a total of $17.7 million.

As of the end of March there were 173 properties still listed through the Multiple Listing Service, down slightly from the 177 available at the end of last March.