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Fewer house sales in Prince George so far this year compared to last

The BC Northern Real Estate Board (BCNREB) reports 2,033 properties sold through the Multiple Listing Service® (MLS®) in the first six months of 2023, down from the 2920 sales reported in the first half of 2022.

The value of these properties was $830 million compared with $1.2 billion in 2022. At the end of June, there were 3,551 properties of all types available for purchase through the MLS® of BCNREB, up from 1,349 at the same time last year.

Home sales in the BC Northern region jumped to 931 units on a seasonally adjusted basis in the second quarter of 2023, ending the downward trend that began with the start of rate hikes in Q1 of 2022. Seasonally adjusted unit sales were up 14 per cent from Q1, but are still roughly 13 per cent below the 10-year average level of sales for the region. Active listings in the North were essentially unchanged from the previous quarter at 1,714 on a seasonally adjusted basis. Prices, meanwhile, rose 11 per cent to $420,082 in the first quarter of the year, but were still down from a peak of roughly 431,500 in Q2 of 2022.

Meanwhile, seasonally adjusted average days on market rose seven per cent from the prior quarter to about 77.

After declining since the start of 2022, the BC Northern housing market rebounded in Q2 of 2023. Sales rose, while the average sale price rose in all three months of the second quarter. At the same time, average days on market continued to trend upwards and active listings trended sideways. The strong second quarter in the North coincided with a rebound in most other markets across the province as well.

Despite this recovery, there is the possibility of a softer summer, as rates are likely to remain high and continue sapping demand. The long-predicted economic slowdown of 2023 has so far failed to materialize, but realtors expect a softening in the broader economy in the second half of the year, which could further weigh on housing markets.

Mackenzie: In the first six months of 2023, 24 properties worth $5.2 million were reported sold through the MLS® in the Mackenzie area, compared to 74 properties worth $12.5 million to June 30, 2022. Half of the 18 single-family homes sold so far this year sold for less than $192,500 and took, on average, 100 days to sell. As of June 30 there were 86 properties of all types available for purchase through the MLS® in the Mackenzie area.

Prince George: In the City of Prince George, 542 properties worth $252.5 million have changed hands so far this year, compared with 803 properties worth $369.7 million in the first six months of last year.

In the western part of the city, the median price of the 111 single-family homes that have sold through MLS® was $455,000. In the area east of the bypass, the 67 single-family homes that sold had a median price of $375,000. In the northern part of the city 61 single-family homes sold with a median price of $520,000.

The 91 single-family homes that sold in the southwest section of the city had a median sale price of $570,000. At the end of June there were 704 properties of all types available for purchase through the MLS® in the City of Prince George.

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