Single family home costs continue to climb upward
Housing prices continue to climb in Terrace and area based on latest figures made available through the MLS listing service.
The average selling price of a detached residential housing for the first six months of this year was $294,651, a large jump over the $235,000 average selling price for the first six months of 2013.
And the 2013 average price was more than the $211,733 for the first six months of 2012.
The average selling price for April to June of $294,651 is approximately the same as for the first three months of the year when it was $294,067.
If the average selling price is increasing, the number of residential homes being sold is fairly even with 99 sold for the first six months of 2014 compared to 104 being sold for the first six months of 2013.
Total property sales for the first six months of 2014 amounted to 201 properties worth $48.4 million compared to 180 properties sold for a worth of $39.8 million for the first six months of 2013.
Half of the 99 single family homes that sold for the first six months of 2014 sold for less than $289,900.
On average, it took these homes 31 days to sell.
In addition, 37 parcels of vacant land, three half duplexes, and 12 homes on acreage changed hands in the first six months of the year.
At the end of June there were 177 properties of all types available for purchase through the MLS in the Terrace area.
That’s an increase from the 101 properties that were available as of the end March.
If selling prices climbed here, the increase was even more dramatic in Kitimat.
The average price for a detached single family home in Kitimat was $320,131 for the first six months of this year.
That’s a large jump compared to $222,766 for the first six months of 2013 and $176,012 for the first six months of 2012.
On average, it took just 22 days for a house to sell in Kitimat for the first six months of this year.