Fort St. John has seen a rebound in real estate activity in the second half of 2020, after a sluggish start and drop earlier this year due to the COVID-19 pandemic.
The BC Northern Real Estate Board released its third quarter results on Oct. 8, showing 386 properties worth $137.7 million were sold in the Fort St. John area through the end of September.
Of those sales, 195 were single-family homes that spent an average of 80 days on the market and sold for an average price of $373,700.
Compared to this time last year, realtors had sold 196 single-family homes for an average price of $378,671, a modest decline of around 1% year-over-year. The Board noted that half the homes sold so far this year sold for less than $353,000.
The city has also seen the sale of 42 half-duplexes, 51 manufactured homes, 51 homes on acreages, and 12 vacant lots this year.
In 2019, 393 properties worth $142.2 million had sold in Fort St. John through the end of September.
Across northern B.C., sales grew by 32% in the third quarter to $1.2 billion on the year.
“The third quarter of 2020 saw the second-highest sales on record in the region since data was collected in 1980,” said Board President Shawna Kinsley.
“Much of the increase was driven by pent-up demand from sales that did not occur during the spring due to containment measures and record-low mortgage rates.”
Fort Nelson numbers also remain strong.
There, 58 properties worth $8.1 million were sold by the end of September. That's up from the 34 properties worth $3.1 million in the same period last year.
Half of the 22 single family homes sold since January sold for less than $123,000, and took an average of 195 days to sell, according to the board.
As of June 30, there were 644 properties of all types available for purchase through MLS listings in the Fort St. John area, and 111 in the Fort Nelson area.
Though active listings have declined across northern B.C., the Board says prevailing strong demand in the third quarter and record-low mortgage rates mean momentum in the market will likely continue.
Email Managing Editor Matt Preprost at email@example.com.