Real Estate Market Statistics

Sales activity rebounds in November 01.05.2011

The number of homes sold through the MLS® System of the Grande Prairie & Area Association of REALTORS® was up significantly from year-ago levels in November 2010, with the seasonally adjusted figure rising to the highest level since September 2008.

According to statistics provided by the Association, home sales numbered 151 units in November 2010, jumping 26 per cent from the same month in 2009. This is the first year-over-year increase in activity in seven months, and marks the third best November on record after 2005 and 2006. Provincial activity, in contrast, was down 12 per cent from November 2009.

The average price for homes sold in November 2010 was $250,184, a decrease of one per cent from one year earlier. The average price for home sales in all of Alberta also edged down one per cent on a year-over-year basis to $347,196.

The number of new residential listings was up 13 per cent from last November to 279 units. There were 1,825 active residential listings on the Association’s MLS® System at the end of November 2010, up nine per cent from year-ago levels. While supply remains elevated, it has been trending down from the peak levels reached this summer.

The number of months of inventory stood at 10.5 months at the end of November on a seasonally adjusted basis, dropping four months from levels in October (14.4 months). The number of months of inventory has been trending downward since peaking in July. 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 $37.8 million in November 2010, rising 24 per cent from a year earlier. The dollar volume of home sales in Alberta, by comparison, declined 13 per cent on a year-over-year basis.

Total sales numbered 160 units in November, 19 per cent above levels reported in the same month in 2009. The total value of all properties sold in November 2010 rose seven per cent from one year earlier to $40.1 million.

November 2010

 Residential
Dollar Volume

 Total Dollar Volume Average Price
 Grande Prairie  $37,777,853  $40,111,603  $250,184
 Alberta  $1,258,585,283  $1,399,078,374  $347,196

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.