Real Estate Market Statistics

Grande Prairie Home Sales Stable in April

The number of homes sold through the MLS® System of the Grande Prairie & Area Association of REALTORS® came in slightly below year-ago levels in April 2011, and was unchanged compared to March.

According to statistics provided by the Association, home sales numbered 204 units in April 2011, down six per cent from the same month in 2010. Provincial activity, in comparison, was down 10 per cent from April 2010.

New mortgage rules that came into effect at the end of March may have resulted in some demand being pulled forward into the first quarter of the year at the expense of sales in April. New mortgage rules were also introduced last year, but those didn’t come into effect until the end of April. As such, sales last April were still being pushed up in advance of those changes, This may explain some of the year-over-year decline in April 2011 sales.

On a year-to-date basis, home sales in the first four months of 2011 remained seven per cent above levels in the same period in 2010.

The average price for homes sold in April 2011 was $257,582, unchanged from year-ago levels. The average price for all home sales in Alberta edged up one per cent from year-ago levels to $358,865 in April.

The number of new residential listings declined 20 per cent on a year-over-year basis to 405 units in April. There were 1,762 active residential listings on the Association’s MLS® System at the end of April, down eight per cent from levels at the end of April 2010. This is the third consecutive year-over-year decline.

The number of months of inventory stood at 10.5 months at the end of April 2011 on a seasonally adjusted basis, down from 10.8 months in March. 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 amounted to $52.5 million in April 2011, down six per cent from a year earlier. The dollar volume of all home sales in Alberta, by comparison, was down nine per cent on a year-over-year basis.

Total sales numbered 221 units in April, four per cent below levels reported in the same month in 2010. The total value of all properties sold in April 2011 was down five per cent from one year earlier to $56.7 million.

April 2011

Residential dollar volume

Total dollar volume Average price
 Grande Prairie $52,546,795  $56,703,195  $257,582