Grande Prairie Real Estate Market Update

After several months of slightly elevated inventory levels relative to sales, November saw a turnaround in sales activity. The 119 sales were met with 172 new listings causing inventories to fall to 486 units and months of supply to four months. Despite some of the shifts that occurred this month, Grande Prairie has not struggled with supply shortages like some cities in the province. This has prevented some of the same run-ups in prices. Year-to-date average prices have increased by under two percent, as the nearly four percent gains for detached homes were somewhat offset by pullbacks in the semi and apartment sectors.