It appears the local real estate market is heating up with area home sales posting four-year highs in January.
Officials with the Central Alberta Realtors Association say residential sales numbered 224 units in January, up over 21 per cent from the same month last year and the highest level for the month since 2014. Sales activity in all of Alberta meanwhile was up 6.8 per cent from January 2017.
New residential listings came in at 720 units in January, a 12 per cent increase from the same month last year, while their dollar value was $65.4 million, an increase of over 15 per cent during that same time frame. Across Alberta, home sale dollar volumes increased 5.2 per cent.
Officials also add that active residential listings numbered 3,032 at the end of January, rising 5 per cent from the end of January 2017.
According to officials, sales activity on all types of properties totaled 244 units in January, an increase of 20.8 per cent from the same month last year, while the total value of all property sales checked-in at $78.2 million, an increase of 18.5 per cent from January of last year.
In terms of inventory, CARA officials say there were 13.5 months of inventory at the end of January, down from 15.6 months one year ago. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
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