Real estate sales in Houston and area inched up very slightly in the first quarter of this year compared to the first three months of 2023.
Data from the B.C. Northern Real Estate Board indicates seven properties changed hands for the first quarter compared to six properties from January to March 2023.
The value of the sales through the Multiple Listing Service, however, did drop to $1.6 million compared to $1.8 million for the first three months of 2023.
Five of the sales were single-family homes in the first quarter of 2024 with an average price of $165,900. That’s compared to the average price of $110,000 for the two single family homes sold in the first quarter of 2023.
As of March 31, there were 41 properties for sale in Houston and area through the Multiple Listing Service.
In Burns Lake, eight properties worth $1.87 million were sold in the first quarter. Ten properties sold in the first quarter of 2023.
And in Smithers 32 sales were reported at a value of $15.7 million. That’s compared to 24 sales for the first quarter of 2023 carrying a value of $11.9 million.
Of those Smithers sales, 13 were single family, three were homes on acreae and one was a manufactured home in a park.
The average single family home price in Smithers was $481,192 and that was a drop from the average sales price of $559,470 for the first three months of 2023.
Terrace has claimed the top spot for the average selling price of a residential detached home in northern and central B.C. for the first quarter of this year, indicates data released by the B.C. Northern Real Estate Board.
The average selling price climbed to $512,059 compared to March 31, 2023’s average selling price of $65,944 and the $482,701 price as of March 31, 2022.
Sales also increased with 32 homes selling as of March 31, 2024 compared to 28 as of March 31, 2023. But this year’s figure was less than the 41 homes selling in the first quarter of 2022.
Prince George’s average price for the first three months of this year was $504,700 and was the only other one to crest the $500,000 mark. Ranking behind was Smithers at $481,192 with Williams Lake next at $477,871 and 100 Mile House at $463,547.
Prince Rupert came in at $412,477 and and in Kitimat, the average price was $393,413.
Sales across northern and central B.C. for the first quarter of 2024 were described as “cool” by the BC Northern Real Estate board.
Sales did increase in Prince George, Kitimat, Smithers, Terrace and Williams Lake in the first quarter compared to late 2023 but dropped in Prince Rupert, 100 Mile House, Fort St. John and Quesnel.
Seasonally adjusted, the real estate board said homes were on the market for an average 81 days before selling, the highest level since 2011.
High borrowing costs and high prices were held responsible for the overall affect on sales.
Still, the real estate board said sales would increase if mortgage rates fall should the central borrowing rate, as speculated, decrease in June.