Terrace house sales continue to rise

The average selling price of a single family home is now $250,157

  • Oct. 4, 2013 10:00 a.m.

IN the first nine months of the year, 289 properties worth $65.1 million were sold in the Terrace area through the Multiple Listing Service, compared to 248 properties worth $52.1 million during the same period last year, the BC Northern Real Estate Board reported today.

Half of the 170 single family homes that have sold so far this year, sold for less than $251,000 and these homes took, on average, 57 days to sell.

Also changing hands were 31 parcels of vacant land, 4 multi-family dwellings, 21 homes on acreage, 14 manufactured homes in parks and 19 manufactured homes on land.

At the end of September there were 197 properties of all types available through the MLS in the Terrace area.

The increase comes as the overall economic picture in the region continues to improve thanks to ongoing or planned large-scale industrial development.

To the end of September, the average price of the 170 single family homes sold was $250,157.

That’s compared to the average price of $219,242 for the 148 homes sold over the same time period in 2012, the $218,150 average price for the 125 homes sold in 2011 and the $202,856 average price for the 95 homes sold in 2010.