TERRACE and area real estate sales jumped by $8 million in 2011 over the year before.
According to the BC Northern Real Estate Board, last year, 267 properties sold in Terrace through the Multiple Listing Service, totaling $50 million in comparison to 2010’s 224 properties which sold at a combined $42.5 million.
Of those properties, 152 were single family homes, half selling for less than $200,000.
Also, 23 parcels of land were sold, 22 homes on acreages, 23 manufactured homes in parks and another 13 on land sold.
At the year’s end, 188 properties of all types were listed through the Multiple Listing Service in the Terrace area – a small dip from 2010’s 190.
But local Remax realtor John Evans said that despite an increase in sales this year, higher prices aren’t here just yet.
“Prices have been very affordable, we have really seen very little change in our pricing.,” he said. “Yes it is up from last year but very slightly.
“It’s still a buyer’s market.”
Housing prices depend on a multitude of factors, including supply, interest rates, prices and demand among others. The reason sales of houses jumped in 2011 can be attributed to these as well.
There’s been a good supply of houses being listed this year, said Evans. A larger supply can slow down price increases and interest rates have also been favourable, he continued.
“Prices have been very affordable,” he said. “Yes it is up but very slightly.”
And while Evans admits there is no crystal ball through which to see market trends, his best guess is that prices will start to rise.
“An improvement in our economy means we’ll continue to see an increase in demand, a decrease in supply and therefore an increase in pricing,” he said.
Northern real estate sales through the Multiple Listing Service rose by $85 million in 2011 to $951.6 million compared to $867.3 million in 2010.