FORT ST. JOHN, B.C. — The B.C. Northern Real Estate Board released its sales results from the first quarter of 2018 which shows that while there were more home sales compared to the same time last year, that hasn’t translated to increased prices.
The Board’s statistics show that 95 properties worth $31.1 million were sold during the first three months of the year. Of those homes sold, 55 were single-family dwellings, which is an increase over the 41 single family homes sold in the first quarter of 2017. However, the value of home sales in the first quarter of last year was $38.6 million.
Single family homes continue to see a drop in value. The average price of a detached home last year during the first quarter was $410,623. This year, the average price was $340,968, nearly $70,000 lower.
At the end of March there were 664 properties of all types available for purchase through the Multiple Listing Service® in the Fort St. John region, down from 695 at this time a year ago. The Board said that employment opportunities from the increase in oil and gas activity and with the Site ‘C’ Dam has not translated into increased market activity.
However, BCNREB President Court Smith stated that Fort St. John is not the only market in Northeast B.C. with a trend of lower inventory. “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,” said Smith.
Smith added that overall, Northern B.C. continues to be a very affordable market compared to the rest of the province.