The year end realty numbers were released on January 5, and the number of properties sold in Prince Rupert in 2011was pretty much equal to the number sold in 2010.
In total there were 116 properties sold in 2011 compared to 117 properties sold in 2010. Despite one less property being sold, the total value of sales for the year was up from $18.9 million last year to 19.3 million this year.
Of those 116 properties, 96 were single family homes which sold for an average price of $175,217. That is the lowest number in three years, down from an average price of $179,090 for the 97 homes that sold in 2010.
“I think it's important to look at the type of property being moved. In the $150,000 to $200,000 price point you would think they would be snapped up with the rates where they are, but wer're seeing more activity in the $200,000-plus range. That could be reflective of the jobs and the hours people are getting,” said Northern BC Real Estate Board president and local realtor Victor Prystay, adding that the activity going on at Ridley Island and proposed industrial developments paint a positive picture for the market in 2012.
“I think 2012 is going to see a big bounce in the market and I think we're going to be really busy.
Five vacant lots were sold in 2011 and at the end of the year there were 226 properties listed through the MLS service in Prince Rupert, which is equal to the end of 2010.
One number that isn't necessarily reflected in the numbers is commercial leases, which Prystay said have been picking up in late 2011.
“I do commercial work and I have gotten a lot of inquiries this fall about leasing space from out of town companies. This is after a lot of years where the interest wasn't very high,” he said.
“I think that is a good harbringer of what is to come.”
While the number of properties sold in Prince Rupert is down just slightly, the 116 properties sold is by far the lowest number in the northwest. In Terrace there were 267 properties sold for a total of $50 million, in Kitimat there were 214 properties sold for a total of $29.8 million and in Smithers there were 256 properties sold for a total of $52.8 million. Prince Rupert also has more properties still for sale, with 188 available in Terrace, 59 available in Kitimat and 187 available in Smithers.
The average selling price for a home in Terrace was $218,213