Mortgage Broker Grande Prairie – August Market Update

Latest News Gert Martens 13 Sep

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!