18 Jan

Grande Prairie Mortgage Broker – Market Update

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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!

13 Sep

Mortgage Broker Grande Prairie – August Market Update

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Posted by: Gert Martens

In Grande Prairie and the surrounding area, home sales rose in July 2017 compared to the same month a year before.

While homes sales are still considered to be lower than normal compared to averages over the last 5 years, the number of homes sold in and around Grande Prairie in July 2017 rose an impressive 17.9% over July 2016. This increase brought the number of homes sold up to 191 for the month.

This number is even more impressive when it is compared to Alberta as a whole, where sales rose only 3% for the same period.

Increases in the number of homes sold have led to an increase of 14.6% in dollar volume, raising the total volume to $56.3 million for this past July.

Despite these increases in sales, the average price of Grande Prairie homes has decreased 2.8% on a year over year basis to $294,516 in July of this year. Compared to the average price throughout the province of $396,946, homes in the Grande Prairie area are quite affordably priced.

During the second quarter of this year, home sales were pretty evenly distributed between price ranges, with roughly half of the homes listed below $400,000.

As is typical with increases in sales, new residential listings have also gone up, rising 17.7% from July 2016 to July 2017. There were 626 new listings added to the market in July of this year, bringing the total of active residential listings up to 2,074 at the end of the month.

It would currently take almost 11 months to sell all the inventory at the current rate of sales in the market.

With lower prices and increased inventory, now is the time to get pre-approved and start searching for your perfect home!

If you are interested in purchasing a home in the area and you are ready to get the ball rolling on your mortgage process, give me a call today at (780) 933-0109! I look forward to helping you save on the purchase of your dream home!

 

 

Source: https://www.cmhc-schl.gc.ca/odpub/esub/64147/64147_2017_Q03.pdf?lang=en

Source: http://creastats.crea.ca/gran/