Number Of Houses On The Market Up, Prices Are Down In Drayton Valley

By Laine Mitchell (Twitter: @Laine_Mitchell)
May 11, 2016 - 8:30am

It’s hard to drive down a street in Drayton Valley and not see a for sale sign on the lawn of a home.

Currently there are 72 houses on the market, a sharp jump compared to last year with 45 homes on the market. The number of foreclosed homes sits at 4, but Heather Malin with Remax warns that more may be coming up, but nothing that will flood the market.

In the previous 12 months the average price of a home has dropped 6.5 per-cent, with 2015 seeing a 20 per-cent decline in the average price of a home.

Malin says that homes under the $375,000 asking price are selling better than those asking more, with the average house sitting on the market for 3 to 4 months, last year that would have been an average of 60 days.

Those who are looking to purchase a new home, Malin says “It’s your ultimate time to buy, because you’ll get your best price and interest rates are so low. Buyers have a lot of choice, and can pick and choose homes with a great location and shop around for what they want.”

The provincial average price for homes sold in March 2016 was $392,145, down 1.7 per cent from a year earlier. Active residential listings numbered over 27,000 units at the end of March, up 13.5 per cent from one year earlier.

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