So far this year, 59 properties worth $8.3 million have been reported sold in Burns Lake, compared to 81 properties worth $9.6 million in the first nine months of 2015.
Although the number of properties sold in Burns Lake has declined this year, Doug Phair, managing broker at Re/Max Wrightway in Burns Lake, points out that the dollar value of local homes has increased - from $118,518 in the first nine months of 2015 to $140,677 in the same period of 2016.
"This data supports what I feel has happened and is happening in the local market," said Phair. "Overall, there is an increase in market value; I believe this is due in part to an under supply of inventory while the demand has remained constant."
"All real estate markets have cycles and trends that are defined by statistics," he added. "You’ll find that the Lakes District real estate market is idling along and continues to provide a great place to live and invest in whether your buying or selling."
The average selling price (year to date) of a residential detached house in Burns Lake was 126,961 in September 2016 - down from $139,101 in September 2015, but up from $116,732 in September 2014.
At the end of September, there were 127 properties of all types available for sale in the Burns Lake area.
Real estate market in nearby communities
According to B.C. Northern Real Estate Board past president David Black, while most communities in the B.C. Northern Board area are fairly stable and in line with sales from 2015, there are some communities experiencing significant changes year over year.
"The markets tied closely to the oil and gas developments, such as Fort St John and Fort Nelson, are still seeing significantly lower sales volume; while in 100 Mile House current year sales are almost double the year-to-date total for 2015," he said.
In Houston, 44 properties worth $6.2 million were sold in the first nine months of 2016, compared with 48 properties worth $7.7 million in the same period last year. The average selling price (year to date) of a residential detached house in Houston was $157,078 in September 2016. At the end of September, there were 64 properties of all types available for purchase in the Houston area.
In Smithers, as of Sept. 30, 203 properties worth $46.6 million changed hands, compared with 191 properties worth $49.5 million in the first nine months of 2015. Half of the 87 single family homes sold so far this year, sold for less than $250,000 and these homes took, on average, 72 days to sell.
In Vanderhoof, 92 properties worth $18 million changed hands in the first nine months of the year compared with 88 properties worth $16.2 million in the same time last year. Half of the 27 single family homes sold so far this year, sold for less than $206,500 and these homes took, on average, 55 days to sell.
In Fort St. James, 54 properties worth $10.8 million were reported sold to the end of September, compared to 40 properties worth $8.5 million in the same period last year. The average selling price (year to date) of a residential detached house in Fort St. James was $191,633 in September 2016. As of Sept. 30, there were 75 properties of all types available for purchase in the Fort St. James area.
In Prince George, to the end of September, 1158 properties worth $320.6 million changed hands, compared with 1127 properties worth $291.7 million to Sept. 30, 2015. At the end of September 2016, there were 686 properties of all types available for purchase through in Prince George. The average selling price (year to date) of a residential detached house in Prince George was $297,436 in September 2016.