18 Jan

Grande Prairie Mortgage Broker – Market Update

Latest News

Posted by: Gert Martens

Even as the market headed closer to winter, the number of homes sold in the Grande Prairie area was still climbing.

The Grande Prairie & Area Association of Realtors reported that home sales had risen a significant 39.2% for the month of October when 2016 and 2017 sales numbers were compared.

October was not the first month in 2017 to see increased sales when compared with months from the previous year. In fact, at the end of October, the year to date total number of home sales had reached 1,942 residential units, rising 27.8% over the same period of 2016.

The great news for buyers is that, while sales continued to soar, the average price of homes that were sold did not. In October 2017, the average sales price of Grande Prairie homes was recorded at $271,119. This price is down 11.6% from the same month in 2016. The year to date (January through October) average sales price was recorded at $294.714. This price is down a smaller 1.2% from the same period in 2016.

In addition to increased sales and lowered average sales prices, there was also a rise in new residential listings. This addition of 396 new residential units to the Grande Prairie market in October, brought the total number of active residential listings up to 1.797.

At the beginning of November, there was still about a 9.9 month’s supply of inventory on the market. This means that it would take 9.9 months from the beginning of November to sell off the entire inventory of residential properties on the market if the rate of home sales remained constant.

With the Grande Prairie market continuing to remain strong as the market headed towards the New Year, and the local area being much more affordable than nearby cities like Alberta, now is a great time to buy!

If you have been considering the purchase of a home in the Grande Prairie area, why wait? Give me a call today to find out more about your financing options and how you can benefit from the strength of the local market!