Fort St. John real estate sales have taken a dive in the first half of 2015.
According to stats released today by the BC Northern Real Estate Board, sales in the city are down considerably from last year with 374 properties sold worth $131 million in the first six months of the year. Compare that to 2014, when 497 properties worth $188 million were sold in the same time period.
“The communities that heavily depend on the oil and gas industries are experiencing some drops in volume,” said board president David Black in a release.
“However, they have been very strong markets in the past and will rebound.”
The median selling price of the 139 single family homes sold so far this year is about $403,500, according to the board, and taking on average of 39 days to sell.
The board reports an addition 60 parcels of vacant land, along with 51 half-duplexes, 22 acreages, and 66 manufactured homes have sold this year.
There were 556 properties for sale through MLS services in Fort St. John as of June 30.
Meanwhile, home sales in Fort Nelson have also seen a slump, with the board reporting 17 sales worth $4.4 million so far this year, down from 28 properties worth $7 million at this time last year.
Homes there took on average of 108 days to sell, for an average median price of $330,000.
Stats weren’t available for Dawson Creek.
Across the north, the board reported a total of 2,376 sales through MLS services, down from 2,637 in 2014. Values have dropped to around $601 million comported to $672 million last year.
Sales are down across the northwest in Kitimat, Prince Rupert and Terrace.
Sales increased this year in Houston, Fort St. James, and Prince George, while hovering around 2014 levels in Mackenzie, Vanderhoof, and Smithers.
Black notes communities where the province’s LNG dreams are hedged are seeing a return to traditional volumes and higher values.
“They will now have to wait for the beginning of one of these projects to actually realize the projected benefits,” he said.