Real estate sales continue to be steady across the Cariboo Region according to the latest quarterly report from the BC Northern Real Estate Board covering sales from January to the end of March 2019.
“It’s a very healthy market,” said Court Smith, past president of the BC Northern Real Estate Board from his office in Williams Lake. “The whole north is doing well and holding its own.”
In the Quesnel area realtors saw a slight increase with reported 55 sales worth $11.7 million up from 50 in the same time last year worth $11 million.
In addition to the 20 single-family homes that sold, eight parcels of vacant land and 10 homes on acreage have sold this year. There were 147 properties of all types available for purchase in the Quesnel area as of March 31, compared to 135 properties in 2018.
Williams Lake experienced a slight decrease with 91 properties sold so far this year compared to 94 in the same quarter last year. The value of these properties was $ 21.4 million compared to $19.9 million in 2018.
In addition to the 28 single-family homes sold, 10 homes on acreage, eight manufactured homes in parks and 11 manufactured homes on land have changed hands in the first quarter.
As of March 31st, there were 207 properties listed in the Williams Lake area, down from 237 at the same time last year.
100 Mile House experienced the biggest drop with a total of 68 properties of all types worth $16.6 million sold compared to 80 properties last year worth $15.8 million being sold by by realtors.
In the first three months of 2019, 22 single-family homes, 21 parcels of vacant land and 16 homes on acreage changed hands. At the end of the quarter there were 375 properties available for purchase compared to 325 properties available in 2018.
Commenting on the drop in 100 Mile House, Smith said he describes the market of lakes and recreational.
“I also think they had higher number of sales in the last few years than they had before that which adds to the drop we are seeing now.”
Smith attributed the strength of the North and the fact that some people choose to live in the region while working in other places such as Red Chris Mine, Site C dam and the oil fields in Alberta.
“Compared to other locations, we are affordable and I think that’s the attraction.”
Drawing from information in his own files, Smith said 50 per cent of his sales are to people already living in the area wanting to move and the other 50 per cent are people moving to the region from other areas.
“It has been that trend for the last number of years,” he added.
Presently it is a buyer’s market in the Williams Lake area due to a lack of inventory.
“There are multiple offers, and things are listed for a short period of time.”