Real estate market enjoys steady sales in 2016

If you thought more properties were selling in Williams Lake this year, you were right.

If you thought more properties were selling in Williams Lake this year, you were right.

In the first nine months of 2016, 346 properties in Williams Lake worth $80.2 million sold — up almost $20 million compared to last year’s figures of 293 properties worth $62 million in the same time period.

According to the B.C. Northern Real Estate Board (BCNREB), of the 120 single family homes sold to the end of September, half sold for less than $245,000 and these homes took on average 58 days to sell. In addition, 29 parcels of vacant land, 16 townhomes, 100 homes on acreage, and 24 manufactured homes in parks and a further 31 manufactured homes on land have sold this year in the Williams Lake area.

At the end of September, there were 384 properties of all types available for purchase through MLS.

Quesnel prices remained stable and improving with 255 properties worth $48.5 million sold through MLS compared to 224 properties worth $43 million.

Half of the 109 single family homes in the Quesnel area sold so far this year sold for less than $193,000 and took on average 77 days to sell.

The big real estate story of the year to come out of the Cariboo region, however, was the 100 Mile House area, which saw the number of properties sold almost double over last year.

So far this year 500 properties worth $110.5 million have changed hands in 100 Mile House, compared to 289 properties worth $68.4 million to the end of September in 2015. Half of the 141 single family homes that have sold in the 100 Mile House area, sold for less than $235,000 and took on average 106 days to sell.

Northern oil-dependent towns such as Fort Nelson and Fort St. John continue to suffer from fewer sales in 2016.

“While most communities in the BC Northern Board area are fairly stable and in line with sales from 2015, there are some communities experiencing significant changes year over year. The markets tied closely to the oil and gas developments, such as Fort St. John and Fort Nelson, are still seeing significantly lower sales volume while in 100 Mile House current year sales are almost double the year-to-date total for 2015,” said BCNREB past president David Black.