Fort St. John home sales up, but industry activity not translating to market: real estate board

Single-family home sales in Fort St. John are up 34 per cent in the first quarter of 2018, but selling for 17 per cent less on average, according to B.C. Northern Real Estate Board stats released Wednesday.

Fort St. John saw 55 homes sell for an average price of $340,968 as of March 31. At the same time last year, 41 homes had sold for an average of $410,623.

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"In Fort St. John, the number sales have been approximately the same as they were in in 2017, though inventory is lower," the board noted in its report. 

"Employment opportunities with the oil and gas industry, and with the Site C Dam, has not translated into increased market activity."

Across the Fort St. John area, there were 95 properties worth $31.1 million sold by the end of March, compared to 93 properties worth $38.6 million at the same time last year.

The city has also seen the sale of nine half-duplexes, seven homes on acreages, three manufactured homes in parks another five on land, according to the board. Six vacant lots have also sold. 

At the end of March, there were 664 properties for sale on the Multiple Listing Service, down from 695 by the same point last year.

In Fort Nelson, sales have increased while listings have decreased.
 
There, 22 properties worth $1.9 million were sold by the end of March, up from the 13 properties worth $1.8 million in the same period last year.

As of March 31, there were 97 properties listed through MLS in the Fort Nelson area.

Across Northern B.C., 914 properties worth $237.6 million had sold through MLS in the first quarter—down slightly from 934 properties worth $250.6 million that changed hands in the same time last year.

“The mortgage stress test that was implemented last year, appears to have had a minimal impact on most markets in the BC Northern Real Estate Board area," board president Court Smith said in a statement.

"Many areas have been impacted by the prolonged winter weather. Most markets are seeing reduced sales activity and lower inventory over the same period last year. Real estate in northern BC continues to be very affordable as compared to other regions of the province.” 

Email Managing Editor Matt Preprost at editor@ahnfsj.ca.

© Copyright 2018 Alaska Highway News

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