It’s turning into a sellers’ market once again in Prince George.
According to the BC Northern Real Estate Board, 68 single-family homes were taken off the market in September for an average price of $525,541 – that’s an increase of just over 65-grand when compared to the same month last year ($460,467) after 66 transactions were made.
President, Kristine Newell told MyPGNow.com the rate cuts have aided in this trend.
“It does appear that way. Again with those announcements with people returning to the market and understanding we are heading back to a normal one. But, the listings have picked up and it should be interesting to see what happens in October.”
“The other interesting thing is days to sale being down to 30 after it was roughly 42 in August.”
Newell, added with summer over and the kids back in school, there is a sense of urgency from both buyers and sellers to get some deals done before Old Man Winter Arrives.
“Every year we do see a pickup in activity and exactly to your point, people want to be in their homes, they want to be out of Prince George or in the new homes by Christmas or before the snow files. People don’t like moving in the middle of January.”
Newell mentioned the 30-year amortization for first-time home buyers was another sign that the PG housing market would return back to normal in the third and fourth quarters.
On a year-to-date basis, 610 single-family homes have been sold in our city this year for an average price of 522-grand – that’s a spike of about $18,000 when compared to the same time last year where 567 purchases were made.
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