Real estate volume steady, prices up

The real estate market in Smithers this year has, so far, been about on par with 2014.

The real estate market in Smithers this year has, so far, been about on par with 2014.

According to the Northern B.C. Real Estate board, there were 132 sales in the Smithers area with a value of $33.3 million in the first six months of 2015, compared to 134 sales worth $30.3 million at this time last year. Half of the 63 single family homes sold so far this year, sold for less than $272,000 and took, on average, 80 days to sell. Eleven parcels of vacant land and 26 homes on acreage also changed hands since January 1. As of June 30 there were 273 properties of all types available through the Multiple Listing Services in the Smithers area.

The average price of a single family home in Smithers, on June 30, was $271,206. That’s up considerably from the $251,475 average price at the end of June last year and the $250,257 average price at the end of June 2013.

In Houston, 35 properties worth $5.3 million have changed hands so far this year, compared to 16 properties worth $2.3 million in 2014. As of June 30 there were 50 properties of all types available through the Multiple Listing Services in the Houston area.

The average selling price of a house in Houston, as of June 30, was $152,717, up slightly from the average selling price of $149,150 at the end of June last year, but down from the average selling price of $169,166 at the end of June 2013.

“The BC Northern Real Estate Board reflects all of the economic realities associated with the significant drop in oil prices,” said president David Black. “The communities that heavily depend on the oil and gas industries are experiencing some drops in volume; however they have been very strong markets in the past and will rebound. Those communities expecting to benefit the most from LNG had a great year in 2014 and have now returned to traditional volumes but at higher values. They will now have to wait for the beginning of one of these projects to actually realize the projected benefits.”