Kitimat property sales up but prices still lagging

Multiple listing property sales continued to climb in Kitimat from April to June, but sales prices are still lagging behind early 2010 levels.

Multiple listing property sales continued to climb in Kitimat from April to June, but sales prices are still lagging behind early 2010 levels.

The latest stats from the BC Northern Real Estate Board show the number of sales for the first half of this year was nearly double those for the equivalent period in 2010 – 85 compared to 45.

But the average selling price was $141,000 against $149,000.

Break out the individual quarters and you find the average selling price for the first three months of 2010 was $150,000.

And prices held up pretty well in the second quarter, averaging $148,000.

However, while the first quarter of this year saw a lot of activity with 37 properties being sold, the average price fell to only $135,000.

But rebounded in the second quarter with 48 sales averaging $146,000.

A cautionary note here: the MLS numbers cover sales of all kinds of properties so can include duplexes, fourplexes and even undeveloped lots.

They also do not include exclusive listing sales or private sales.

The board says single-family residence sales accounted for 63 of the first-half 85 properties sold with half of those going for less than $132,000.

On average it took those homes five months to sell.

At the end of June there were 124 properties of all types on the market.