Real estate sales through the Multiple Listing Service continue to drop in the Houston area when looking at comparable periods in 2021, indicate the last statistics from the B.C. Northern Real Estate Board.
To the end of September 55 properties worth $14.7 million sold via MLS compared to 70 properties worth $14.3 million to the end of September 2021.
There were also 44 properties of all types available for purchase through MLS.
While the number of sales has decreased, average prices have not, show the MLS statistics released by the B.C. Northern Real Estate Board.
Average single residential detached home sales prices were $251,967 from 32 sales as of Sept. 2022 compared to $250,175 on 33 sales to the end of Sept. 2021.
Both prices were up considerably from the $221,199 to the end of Sept. 2020 based on just 13 sales.
In Burns Lake, 79 properties worth $15.2 million sold to the end of September compared to 78 properties worth $18 million for the first nine months of 2021.
The average selling price of a single family residential home increased considerably — from $186,65 on 26 sales as of Sept. 30, 2021 to $266,192 on 13 sales to the end of September this year.
As of the end of September, there were 62 properties listed through MLS.
Across the whole north and down as far as 100 Mile House, total sales through MLS dropped considerably for the first nine months of this year compared to the same period in 2021.
While 5,306 properties sold to the end of September last year worth $1.9 billion, the number dropped to 4,141 properties worth $1.7 billion for the same period this year.
“Sales in the B.C. Northern region fell to below pre-pandemic levels for the first time since the onset of the COVID-19 crisis,” reported the real estate board.
“Within the quarter, sales fell sharply, and in September were at their lowest level since 2010 on a seasonally adjusted basis.”
The real estate board said that average sales prices are dropping and days on the market are increasing at a gradual pace.
“As the Bank of Canada continues tightening, albeit at a slower pace going forward, we anticipate that mortgage rates will continue to drag on prices and sales,” it added.