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Grande Prairie Real Estate Dips but Stays High This November

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Grande Prairie Real Estate Dips but Stays High This November
3 min. read

When compared to last year, November home sales in the Grande Prairie real estate market edged downward ever so slightly. However, when compared to the long-term trends, it becomes clear that the market in the Alberta city is still strong. Sales for this November were still above both the five- and ten-year sales averages for the city.

Image: Trong Nguyen/Shutterstock.com

There were 173 homes sold in the city during the month of November. This was a year-over-year decline of 2.8%, which only amounts to five sales in a city the size of Grande Prairie. When you compare the sales throughout the first eleven months of the year, it becomes clear that, despite this dip, 2018 has been a strong year for the local market. Through that timeframe, 2,525 homes were sold in the city. When compared to the same timeframe in 2017, that represents 19.1% more home sales during those eleven months in 2018.

Home Owners Not Eager to Sell This November

There were 248 homes put up for sale this November in Grande Prairie. This was a steep drop off of 9.5% compared to last year. This was one of the lowest numbers of homes to come on the market in a November during the last decade.

The overall number of active listings for sale in Grande Prairie was also down compared to November of last year. There was a 3% year-over-year drop-off to the new amount of 1,594 homes for sale in the city at the end of the month. Despite these drop-offs, there were still plenty of homes for sale in the city. The 9.2 months of inventory available in the city by the end of November was very close to the amount available in 2017, and represents a large surplus of homes in the city.

Prices on the Rise in 2018

The average home prices in Grande Prairie were climbing in 2018 compared to last year. During November, the average price of a home sold in the city was $305,025. This was a 12.2% year-over-year increase. The price over the first 11 months of the year was also up, but by a slightly more modest margin. The average price of a home sold for January 1st through November 30th of 2018 was $304,996. This was 4.2% more than the average price from the same period in 2017.

Overall, the real estate market in Grande Prairie seems to be performing fairly well. Looking at the wider picture, the markets throughout Alberta have been on a steeper decline in 2018, and Grande Prairie seems to be somewhat insulated from this effect. While the year-to-date sales in Grande Prairie were up through the end of November, they were down 10.5% in Alberta as a whole over that same period.

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