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October 2019 Market update

Dated: November 21 2019

Views: 351

Grande Prairie home sales rise to five-year high for October

https://youtu.be/riamdLOFqxI - Click to view video overview

The number of homes sold through the MLS® System of the Grande Prairie & Area Association of REALTORS® totaled 215 units in October 2019. This edged up 1.9% (four sales) from October 2018 to hit a five-year high for the month.

On a year-to-date basis, home sales totalled 2,211 units over the first 10 months of the year, a decrease of 10.4% from the same period in 2018.

Residential sales activity in all of Alberta, by comparison, was up 8.2% in October 2019 compared to October 2018.

The average price of Grande Prairie homes sold in October 2019 was $320,537, up 3.2% from October 2018.

The more comprehensive year-to-date average price was $305,747, little changed (+0.1%) from the first 10 months of 2018.

The provincial average price for homes sold in October 2019 was $378,035, edging down 0.5% from October 2018.

Note: The Association cautions that the average MLS® residential price is a useful figure only for establishing trends and comparisons over a period of time. It does not indicate an actual price for a home due to the wide selection of housing available in the area.

There were 375 new residential listings in October 2019, an increase of 10.6% on a year-over-year basis. This was the largest number of new listings added in the month of October in more than a decade.

Active residential listings numbered 1,773 units at the end of October, up 11.5% from the end of October 2018. This was the highest level ever recorded at this time of the year.

Months of inventory numbered 8.2 at the end of October 2019, up a bit from the 7.5 months recorded at the end of October 2018 and a little above the 10-year average of 7.5 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The dollar value of all home sales in October 2019 was $69 million, up 5.2% from the same month in 2018.

The dollar value of all home sales in Alberta, by comparison, was up 7.6% compared to October 2018.

Sales of all property types numbered 231 units in October 2019, down 1.7% (four sales) from October 2018. The total value of all properties sold was $86.3 million, falling 2.1% from October 2018.

 

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Kate Pieper

My mission is simple; I want to make you say 'WOW, that was easy!' I want to make life simple for those in the midst of a real estate transaction. My mandate is to provide the Grande Prairie & area m....

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