Prince Rupert property sales drop in the first half of 2011

The number of properties sold through the first half of 2011 in Prince Rupert is down compared to the first six month of 2010, and are the lowest in the northwest region, according to stats released today by the Northern BC Real Estate Board.

The number of properties sold through the first half of 2011 in Prince Rupert is down compared to the first six month of 2010, and are the lowest in the northwest region, according to stats released today by the Northern BC Real Estate Board.

There were 56 properties worth $10.35 million sold in the first half of 2011 compared to 71 properties worth $13.2 million in the first half of 2010 – 15 fewer properties sold for $2.85 million less. 50 of those properties were single family homes, with the median price being $170,000 and a selling time of 147 days. At the end of June, there were still 295 properties listed.

By comparison to the two other communities in the northwest region, Terrace saw 135 properties valued at $25 million sold in the first half of the year compared to 94 in 2010 and Kitimat saw 85 properties sold for a value of $12 million compared to 45 properties worth $6.7 million in 2010. The median selling price in Terrace was $190,500 in Terrace and $132,000 in Kitimat

Prince Rupert was also the only community wast of Burns Lake that saw fewer properties sold in the first half of 2011 compared to the first half of 2010.