Single family homes sold for $484,406 on average in Prince George over the first three months of 2023, down $35,591 from the same period last year.
The latest figure, released by the B.C. Northern Real Estate Board, marks a continued downward trend since the second quarter of 2022 when the average price stood at $536,179 for that period. Average price during Q1 2022 was $519,997.
The number of sales have also tumbled, from 193 during Q1 2022 to 107 in Q1 2023, translating into a massive $48.5-million decline in activity as measured by average price multiplied by sale.
And average days on the market is up to nearly 60, compared to 30-40 during the same quarter last year.
The numbers reflect a trend seen across the northern B.C.
However, there are signs the market is starting to turn a corner, according to BCNREB.
“Declining active listings indicates that sales outpaced new listings, and other areas of the province have seen rising sales and prices in recent months,” BCNREB said in a statement accompanying the figures.
“Although mortgage rates remain high, the Bank of Canada has held its overnight rate steady for the second consecutive month in April. Meanwhile, the economy remains strong, with the provincial unemployment rate near record lows,”
Looking at properties of all types, 188 worth $81.9 million in total changed hands in the first three months of 2023 in Prince George, compared to 325 sales adding up to $153.6 million for Q1 2022.
In the western part of the city, the median price of the 29 single-family homes that have sold on MLS® was $ $425,000, down from $443,000.
East of the by-pass, the 27 single-family homes that sold had a median value of $ $370,000, down from $419,900.
North of the Nechako, 20 single-family homes sold with a median price of $465,000, down from $502,000.
In the southwest, 31 homes have sold since January with a median price of $590,000, down from $628,000.
At the end of March there were 639 (198) properties of all types available on the Multiple Listing Service within the city limits.