Property sales in Prince Rupert up, but home sales and selling price down

The number of properties sold in Prince Rupert in the first quarter of 2012 is up, but the number and price of homes sold have dropped.

The BC Northern Real Estate Board released their first quarter results on Wednesday, and while the number of properties sold in Prince Rupert in 2012 is up from 2011 the number and sale price of houses sold is down.

There were 28 properties worth $4.2 million sold in the first quarter of 2012 compared to 21 properties worth $4.3 million sold in the first quarter of 2011. However, there were 21 single family homes sold in the first three months compared to 25 in the first quarter of 2011 and 28 in the first quarter of 2010. The average selling price has also dropped in the past three years, falling from an average of $207,893 in 2010 to $171,909 in 2011 and to $168,907 in 2012.

Aside from the houses, there were three parcels of land sold and two apartment units sold as well. The number of properties still available on the Multiple Listing Service (MLS) is down slightly from 240 at the end of March, 2011, to 231 this year.

In comparison to other northwest communities, there were 60 properties sold in the first three months of 2012 compared to 43 last year, and Kitimat saw the number of properties sold more than doubled from 37 last year to 78 this year. The average selling price of a home in Terrace fell to $200,926 while the average selling price of a home in Kitimat rose by $28,000 to $170,103.