Home sales stay strong in Alberta, even as national levels are beginning to drop.
According to the latest report that was released by the Alberta Real Estate Association in July, the number of sales that were reported in the Alberta area last month rose to 5,282, which is a 3% increase over the same month last year. These sales have contributed $2,096,668,732 to the year to date total sales volume for residential sales in Alberta.
In contrast, the number of home sales there were recorded on a national level dropped nearly 12% on a year to year basis for the month of July.
The great news is that even while sales are still up in the Alberta market, prices aren’t!
In July of 2017, the average sales price of homes in the local area was recorded at $396,946. This figure is down 1.8% in comparison to the average sales price of homes recorded in July of last year.
The average sales price also fell nationally, decreasing 0.3% from July of 2016 to $478,696 in July of 2017.
With prices dropping and sales increasing, it’s no surprise that the number of new listings is also on the rise. As the Alberta market continues to remain hot, despite the cooler weather, more sellers are listing their properties and more buyers are snatching them up!
There were a total of 10,648 new property listings added to the market in July, bringing the active residential listings total to 34,109 at the end of the month. This total is 15.6% higher than the total at the end of July 2016.
These 34,109 listings give Alberta a 6.5 months supply of inventory, which is almost a full month more than the supply at the end of July last year.
If you are interested in purchasing a home in the area, give me a call today! As a trusted Red Deer mortgage broker, I am extremely knowledgeable about the local real estate market and I can’t wait to help you purchase the home of your dreams here!
For your free consultation, call (403) 606-2158!