Real Estate findings keep Terrace atop the Northwest market movement in first quarter of 2022

The first review of Real Estate sales in Northern British Columbia for 2022 highlights some steady activity through the first three months, with market results that mostly mirror that of a year ago, even  with fewer sales in some communities.

The price point of local homes on the North Coast continues to rise for most in the Northwest, though the median price for a home in Prince Rupert declined slightly, listed at $406,514 for the first quarter of the year.

By comparison, Terrace remains atop the Northwest market for media price at $482,701 which continues an upward trend for the Skeena Valley hub city for the region.

From their market review through to March 31st the Northern BC Board observed the following:

Residential unit sales in the north remain elevated, although less so than during the record-setting first and second quarters of 2021. Seasonally adjusted sales in Q1 of 2022 are roughly 38 per cent above the level of Q4 of 2019, prior to any effects from the pandemic, and are up 7 per cent from the previous quarter. Active listings continued their decline, falling 9 per cent from the previous quarter and set a record low. 

Active listings have fallen each quarter since Q2 of 2019, but have been on a general downward trend since at least 2015. The combination of near-record sales and record low inventory is also driving prices to new levels. 

Residential prices are up roughly 31 per cent since the start of the pandemic and in the latest quarter surpassed $400,000 for the first time, hitting $409,826. Average days on market rose remained flat at 62 on a seasonally adjusted basis but are up from 56 days in the same quarter last year. 

After close to a record-setting year in 2021, the real estate market in the north remains very hot. Although sales are down from their peak in early 2021, continually declining active listings means that the sales-to-active-listings ratio has hit a record level.

Noting of a low supply of homes, the BCNREB anticipates continued pressure on home prices, though observes that rising mortgage rates and financial tightening from the Bank of Canada could begin to reduce demand by the summer months for many communities.

In the first three months of 2022 most properties for sale took close to two and a half months to close the deal and increase in time from the last quarter of 2021.

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When it comes to the start for 2022.  Prince Rupert stats show that 52 properties worth $25,9 million have been sold in the first three months of the year,  down from the 76 of one year ago, but this years values are only three million below the same point last year.

Of the 52 properties, 37 were single family residences and 2 were parcels of land. 

As of March 31, there were 62 properties of all types available for purchase through the MLS® in the Prince Rupert area, that was up significantly from 42 properties that were available one year ago. 

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Realtors in the Terrace area sold 72 properties as of March 31st, that is on par with the same time one year ago when 71 properties were sold  in the first quarter.

The value of these properties was $34.3 million for the first quarter, . compared. to$ 29.7 million of  March 31st of 2021.

The Terrace market also saw 41 properties change hands,  3 manufactured homes in parks and a further 3 on land sold in the last three months. 

As of March 31st,  there were 122 properties of all types available for sale in the Terrace area, that number of available properties is up  from March 2021 when 89 properties had been listed as available.

   
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The Kitimat market has seen 41 properties sold to March 31st, a decrease from the 54 properties of one year ago. The value of the transactions of properties which have been reported sold was worth $15 million compared to $18.8 million a year ago. 

Kitimat realtors  reported that of that sold in the first there months, 33 were single family homes  3 were half-duplexes and two were homes on acreages.

At the end of  march there were 100 properties of all types available for sale through MLS® in the Kitimat area, that is up from the 60 that were listed at this time last year.

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Smithers realtors reported 32 sales by the end of March,  compared to 67 a year ago,  with a value of $14.9 million to March 31, down in value from the $21.2  million mark of one year ago.

In addition to the nine single family homes, 6 manufactured homes in parks and 6 homes on acreages also changed hands by the end of March.

At the end of March  there were 51 properties of all types available for purchase through the MLS® in the Smithers area, compared to 48 available on the listings at this time last year. 

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Over the course of a three year period of review, Prince Rupert has been among the most active markets  in terms of price increases of the communities of the Northwest. 

The North Coast features  an average property listing of today $406,514 which makes for a slight dip from the same period one year ago.

Among the communities of the Northwest, Prince Rupert ranks third  in total average price, with both Terrace and Smithers holding slightly higher average selling prices.

You can review the full overview for the different regions from the BCNREB here.  

More items of note on the Housing sector can be found here. 

Cross posted from the North Coast Review.