The Grande Prairie real estate market surged this summer, with a particularly strong showing in June. The market has been slightly depressed in the city for the last few years, especially compared to the record-setting highs in 2013 and 2014. However, activity this summer seems to be indicating a return to a stronger and more active market.
This summer, there were 282 homes sold in the city during the month of June. For the last two years, sales figures at the start of summer have actually stayed well below the ten-year average for the city. The 282 homes this June, however, represented a 21.6% year-over-year increase. This puts sales for the month back up, well above both the five- and ten-year averages in Grande Prairie. Year-to-date sales figures have also been looking extremely strong over the first half of the year. In total, 1,347 homes sold in the first half of the year. This was 20.2% more than sold in the first half of 2017.
Listings Down in Grande Prairie
Listings were down considerably in Grande Prairie compared to last year. There were 536 new homes listed for the month in June. Compared to 2017, this represented an 11.3% drop off. Similarly, the total number of listings was also on the decline. Due to both increased sales activity and a decrease in new listings, total inventory dropped to 1,894, a year-over-year decline of 5.2%.
Despite the downward trend in active listings, there is still plenty of active inventory in Grande Prairie. With 6.7 months of active inventory, levels have not yet reached a point where they should be having a significant effect on the market. However, it is worth noting that this is considerably below the long-term average, and is down markedly from the 8.6 months of inventory available at this time last year.
Prices Also Climbing in Grande Prairie
Prices in Grande Prairie made a considerable dip in 2017, so it shouldn’t come as a surprise that with increased sales activity has come a price increase in the city. The average price of a home in the city climbed 5.3% year-over-year to $319,084 for the month of June. Even when averaging all sales through the first half of the year, the average sale price was up 1.1% to $302,485 compared to last year.
Interestingly, the current pricing trend in Grande Prairie is in opposition to the larger provincial trend, perhaps speaking to the current strength of the local market. Overall, the provincial average for home prices has dropped 2.3% year-over-year. The average price of a home in Alberta was $403,354 for the month of June. This speaks to both the affordability of Grande Prairie, as well as to the current strength of the local market.
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