According to the latest report from the Alberta Real Estate Association sales in the North West Region which includes Grande Prairie saw a 17.6 per cent decrease in sales in May, compared to 2022.
The average price for the 150 properties sold in the 31-day period was $329,751 which was a 0.7 per cent year-over-year decrease. New listings in May also saw a significant decline of 25.2 per cent, with 193 new properties. On average a property is staying on the market for nearly three months.
So far in 2023 sales are down 30 per cent, with 518 properties sold. The average price is $318,424, down three per cent compared to the year-to-date average in 2022.
Across Alberta, the average price saw a 2.8 per cent increase, at $470,037, while sales were down 5.6 per cent compared to last year with 8,752 properties sold. The provincial inventory is also down 18.4 per cent, with a property on average being on the market for just over two months.