Smithers single family home sales up in first quarter of 2020

Smithers single family home sales up in first quarter of 2020

Real Estate board predicts decline in second quarter due to COVID-19

Real estate sales here through the Multiple Listing Service (MLS) for the first three months of this here held steady when compared to the same period in 2019.

There were 43 sales of all types in Smithers from January to March carrying a value of $12 million compared to 44 sales worth $12.6 million for the first quarter of 2019.

But sales of single family homes within that total for 2020 increased from 19 in 2019 to 23.

Average single family homes prices, however, declined — from $274,389 in 2019 to $261,326 from January to March this year.

And both average sales prices were lower than posted for the first three months of 2018 when 15 homes sold at an average price of $307,193.

There were 122 properties of all types for sale through MLS in the Smithers area for the first three months of this year, an increase over 120 for 2019.

Across the north, the BC Northern Real Estate Board noted a 13 per cent fall of properties sold for the first three months of this year compared to the first quarter of 2019.

The drop to 753 sales worth $217.389 million compared to 876 sales worth $257.043 million was attributed to declines in the forestry, mining and oil sectors.

Generally speaking, however, sales activity was higher along Hwy 16 in the Northwest than in other regions such as the northeast and down into the Cariboo.

But there was also a decline in active listings and as a result, an overall increase of one per cent in sale prices to $298,811, the board added in a release the first week of April.

And looking ahead in gauging the impact of the COVID-19 pandemic, the board is predicting a continued decline.

“We expect MLS sales to continue to decline in the second quarter of 2020 due to the economic standstill brought on by COVID-19, which will likely also lead to significant investment projects such as LNG and BC Hydro to scale back,” the board stated.

“The COVID-19 pandemic continues to cause significant challenges to everyone in our society,” said BC Northern Real Estate Board president Shawna Kinsley in the release.

“Our members are committed to doing their part to ensure communities stay safe. Real estate is an essential service. Realtors are following all orders and guidance from the public health authority.

That includes stopping open houses.