Sellers in Prince George are getting quite a bit less for their homes than they were just a year ago.
According to data from the BC Northern Real Estate Board, 58 single-family homes came off the market last month for an average selling price of $503,000 – a steep decline when compared to April of 2022 where 87 sales were made with an average price of 562 grand.
In March of this year, 67 detached homes came off the mark in March for an average selling price of $511,000.
Chair, Breanne Cote told MyPGNow.com with interest rates staying the way they are, the numbers don’t tell the whole story.
“Particularly the spring of 2022 was very, very busy – when we are comparing this first quarter to the last one it is comparing apples to oranges more than anything.”
However, Cote believes the activity over the last two months bodes well for the summer season.
“We have seen March and April pick up and we are inching our way back to more of a normal market. We are seeing sales picking up, we are seeing listings picking up although we are still quite low on the listings end of things.”
Furthermore, Cote expects housing prices to hold steady, provided more listings come on the market.
“We are floating just over the 500-thousand mark and it looks like that is where we will be staying over the next little bit if we don’t start to see more listings. If we start to see more listings to kind of match with the amount of sales than we will be floating around that 500-thousand mark for the rest of the year.”
In addition, 165 detached sales have been made in PG through the first four months of 2023, compared to 280 during the same time last year.