*Unless stated otherwise, the graphs below are inclusive of pre-owned houses sold in the City of Grande Prairie only. Read the “note to the reader” at the end of this article to understand why this is the focus point of this article.
Following the 2016 slump in Grande Prairie residential sales (712 pre-owned house sales), came a year of more sales (890 pre-owned house sales). The increased 2017 demand however was met with more listings, especially in May, June & July (See graph B) – causing the demand to not increase house pricing. Toward the end of 2017 however, the volume of listings started to decline. In December of 2017, the volume of monthly listings fell below the volume of the same month of the previous year. Less listings has carried on through to this year. (See Graph B). With sustained and even greater demand as well as less inventory, finding that perfect house has became more difficult. Ultimately, the depleting inventory has pressured the market and the average sales price has increased every month since November, 2017. Continue reading →
Market Update – March
WHAT SELLS MOST?
There is a greater volume of houses sold in Grande Prairie than any other residential property type (see chart showing sales comparison for 2017 & 2018 – house sales dominate our market over any other residential type). New houses have been excluded from most of the stats included in this newsletter because there is an obvious distinction between new and pre-owned just as there is between houses and any other property type (e.g., Townhouses, Condos, and Vacant Lots, etc.). Reports can be populated just as easily that include ALL residential property types in both the City and County of Grande Prairie or with just any other specific segment, however, narrowing in on just pre-owned houses in Grande Prairie allows this newsletter to target the widest audience with the most fine-tuned information. Equally important, if I had chosen any other segment, a general feel would not be as reliable because the data set would be smaller and more susceptible to anomalies, if I would have included more property types, an increase of sales volumes for lesser expensive property types would have made the stats less reliable. Continue reading →