Home prices up in the Burns Lake area

Average selling price in September was the highest in over a decade

The average selling price (year to date) of a residential detached house in the Burns Lake area in September 2017 – $153,292 – was the highest in over a decade.

In September 2016, the average selling prince in Burns Lake was $126,961. In 2007, the average selling price was $99,590.

RELATED: Affordable home prices in Northern B.C. to attract buyers

However, according to Doug Phair, managing broker/owner of RE/MAX Wrightway, although residential properties are routinely evaluated by the average selling price, a better measurement would be using the “median selling price.”

“Median values tend to be a better statistical measure because they represent the figure that other numbers congregate around,” he explained. “Also, median values are less likely to be skewed by very high or very low sales.”

But the median selling price in the Burns Lake area has also been increasing. The median selling price for 2017 is $134,000 – a 3.9 per cent increase from 2016 and a 13.2 per cent increase from 2015.

“The trend clearly notes increase in market values; however, it is my opinion that the growth is slow and steady,” said Phair. “The lack of in-town inventory will also provide the impetus for market values to continue to increase.”

So far this year, 76 properties worth $12 million have been reported sold in Burns Lake, compared to 59 properties worth $8.3 million in the first nine months of 2016. At the end of September, there were 118 properties of all types available for sale in the Burns Lake area.

In Houston, 38 properties worth $7.3 million sold to the end of September, compared with 44 properties worth $6.2 million in the same period last year. At the end of September, there were 58 properties of all types available for purchase in the Houston area. The average selling price (year to date) of a residential detached house in Houston was $178,359 in September.

In Smithers, both sales and number of listings have risen, though there is still a supply crunch in residential detached housing. As of Sept. 30, 217 properties worth $56.7 million changed hands, compared with 203 properties worth $46.6 million in the first nine months of 2016. As of Sept. 30, there were 202 properties of all types available in the Smithers area. The average selling price (year to date) of a residential detached house in Smithers was $271,678 in September.

In Vanderhoof, 90 properties worth $17.1 million changed hands in the first nine months of the year compared with 92 properties worth $18 million in the same time last year. At the end of September, there were 128 properties of all types available in the Vanderhoof area. The average selling price (year to date) of a residential detached house in Vanderhoof was $210,641 in September.

In Fort St. James, 44 properties worth $7.5 million were reported sold to the end of September, compared to 54 properties worth $10.8 million in the same period last year. As of Sept. 30, there were 85 properties of all types available for purchase in the Fort St. James area. The average selling price (year to date) of a residential detached house in Fort St. James was $195,575 in September.

In Prince George, there was an increase in sales activity and average sale price. To the end of September, 1238 properties worth $358.5 million changed hands, compared with 1158 properties worth $320.6 million to Sept. 30, 2016. At the end of September, there were 624 properties of all types available for purchase in Prince George. The average selling price (year to date) of a residential detached house in Prince George was $317,885 in September.


 

@flavio_nienow
newsroom@ldnews.net

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