Drayton Valley housing market seeing improvement

Drayton Valley’s housing market continues to make a slow and steady recovery, with the average price of a home growing slightly over the past six months.

49 units have been sold in Drayton Valley during the first six months of 2017, with a further 31 being sold in the Brazeau County area. The average home price in Drayton Valley is up by $12,000 this year compared to this time last year, something realtor Brandon Aarts says is reflective of the current economy in the province.

“There is a little bit more activity, people are seeing there are deals out there. We’ve hit the bottom, this year is the first stepping stone to getting prices going back up.”

The first six months of 2016 saw 40 units sold, and Brazeau County seeing 28 sold. The average days a house sits on the market in Drayton Valley is 110 while county properties are bought up within 81 days.

The rebound in the real estate sector is expected to be tedious, with Aarts mentioning how the housing market tends to reflect change slowly.

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“It takes time to reflect changes in the economy. It took almost six months for home sales and prices to follow suit of the most recent recession.”

The average home price in Drayton Valley is just over $300,000, with the county boasting a higher average of over $350,000. 

Foreclosures are on the decline this year, with Aarts commenting that we should expect that to continue.

“I am hoping we’ve seen the worst. Even during the high times you’d see one come on the market. Most of the people who thought they’d lose their property already have.”

There have been 20 foreclosures so far this year, with 13 of them hitting the market and being snatched up quickly as investment or flip properties according to Aarts.

“There have been some good buys this year. People are looking at these foreclosures as a revenue property, or to flip it to make a few bucks or to simply just rent it out.”

Looking forward to the fall, Aarts says the takeaway from the half-way point of 2017 is that things are starting to pick up.

“The numbers are showing that there are more units being sold, and more people are looking to buy. Things are getting better, it’s simply the slow and steady mentality.”