A local Real Estate brokerage doesn’t expect any surprises to start the New Year. Remax Northern Realty Owner, Layne Gardner says he expects a quiet start to 2020. “For the first quarter – or first half – of 2020, I would say things are probably going to stay the status-quo,” says Gardner. “You are not going to see a huge increase in sales or in prices. Like last year, we were up ever-so-slightly compared to the year before so at least we are heading in the right direction.”
According to the Grande Prairie and Area Association of Realtors, the average sales price of a home in the region increased by over $1,000 compared to last year despite an increase of just over three percent in both new inventory in the market and overall listings on the market. The GPAAR covers the Peace Region as well.
Gardner also says that even though towns like: Manning, Grimshaw, and Fairview are part of the GPAAR’s territory; the amount of days-on-market for properties is significantly higher in a smaller community when compared to Grande Prairie. “Talking to realtors in Grande Prairie; their market is robust,” mentions Gardner. “Days-on-market is very low, prices are very strong, and prices are selling in 30-days or less and at close to asking price.” He says the real estate market is much different in the Peace. “It is not uncommon for a house to sit on the market for six months or longer,” points out Gardner. “Lots of times, we are seeing substantial discounts from list price to sale price just because there is so much downward pressure on pricing. There are not enough buyers for what we have for sale.”
Click here for the latest statistical information from the GPAAR.
