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 $465,944 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 overall increased in Terrace and area with 61 properties exchanging hands in the first quarter of this year for a value of $28.3 million, up over the 61 sales valued at $19.3 million for the first quarter of 2023.
In addition to the 32 single-family homes which sold, four manufactured homes in parks and five manufactured homes on property were sold.
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.