Real Estate Market Statistics

Sales activity edges up in August

The number of homes sold through the Grande Prairie & Area Association of REALTORS® MLS® System remained below year-ago levels in August advises Jamie Menzies, President of the Association. 125 units sold in August representing a 26 per cent decline from the same month in 2009. However, Menzies assures that similarly, activity in all of Alberta was down 27 per cent from a year earlier.

On a month-over-month basis, sales were up 15 per cent from July. This was the biggest July to August gain in a decade, and resulted in an eight per cent increase in seasonally adjusted activity.

The average price of homes sold in August was $252,411, edging down eight-tenths of one per cent from a year earlier. The average price of Alberta home sales was similarly down half of a per cent on a year-over-year basis to $342,571 in August.

The dollar value of home sales totalled $31.6 million in August, falling 27 per cent from a year earlier. Again similarly, the provincial volume also declined 27 per cent on a year-over-year basis, so we are pretty typical of the rest of the Province, Menzies concludes.

The number of months of inventory stood at 17.7 months at the end of August, up from levels recorded one year earlier (11 months), but down from July’ record high of 20.4 months. 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.

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.

The Grande Prairie & Area Association of REALTORS® represents more than 240 REALTORS® located in Grande Prairie and across the Peace Region. All MLS® listings processed by the Board can be found on the national public web site www.REALTOR.ca (residential properties) and ICX.CA (commercial and investment properties).

For further info contact

Jamie Menzies, President 780.539.5771