Home sales across northern B.C. saw an “exceptional recovery” in the second half of 2020, according to the region’s real estate board.
In Fort St. John, 529 properties changed hands last year valued at $187.8 million, up from the 501 properties valued at $179.3 million in 2019, according to year-end numbers from the BC Northern Real Estate Board.
“MLS home sales in 2020 made an exceptional recovery from the pandemic-induced pullback during the first half of the year,” said BCNREB President Shawna Kinsley in a release.
The BCNREB says the surge in sales in the second half of 2020 was "aided by pent-up demand from spring sales that were put on hold, record-low mortgage rates, and historically high savings rates that likely fast-tracked down payments."
Of the 271 single-family homes sold in Fort St. John, the average selling price was $373,081, down 0.7% from 2019, though half sold for less than $352,500, according to the board.
Another 23 parcels of vacant land were sold, along with 52 half-duplexes, 66 homes on acreages, and 68 manufactured homes.
At the end of 2020, there were 537 properties listed through MLS in the Fort St. John area, down from the 566 properties at the end of 2019.
In Fort Nelson, there were 82 sales worth $12.1 million last year, up from 48 sales worth $5.5 million in 2019.
Of the 31 single-family homes sold, the average selling price was up 14% to $136,756, though half sold for less than $125,000. Seven homes on acreages and two townhouses also sold last year.
At the end of 2020, there were 96 properties listed through MLS in the Fort Nelson area, down from 1010 at the end of 2019.
Across northern B.C., there were 5,083 property sales worth $1.6 billion in 2020 through MLS, up from last year’s 4,748 sales worth $1.5 billion.
The BCNREB says continued momentum is expected into the new year with the help of record-low mortgage rates and demand for larger homes. Sales will be bounded by the low level of supply in the market, which will place considerable pressure on prices until active listings pick-up, the board said.
Email Managing Editor Matt Preprost at firstname.lastname@example.org.