P.A. housing market on the rebound: real estate board

By Miranda Brumwell
April 14, 2016 - 11:58am

For those who were expecting a slump in the housing market, the 2016 first quarter Multiple Listing Service (MLS) statistics are in and Prince Albert’s market is actually better than the year before.

David Harradence, president of the Prince Albert Real Estate Board, said November, December and January were slower periods for the market but sales were strong, nonetheless.

“(This) resulted in some sellers reducing prices. However, the sales that resulted from those reductions was impressive. Buyers viewed reductions as opportunities…rather than waiting, thinking prices would continue to drop,” he said.

As of March 2016, the total dollar volume of sales is up seven per cent compared to the same time last year for a total of roughly $34,600,000. The average selling price of a Prince Albert home is also up 13 per cent compared to last year for an average value of $245,000.

The fall of 2015 presented some challenges including a drop in oil prices, a lower Canadian dollar and impending Federal and Provincial Elections. Harradence said these issues in the market have been addressed and he believed the strength of the market will only continue to grow.

For now, Harradence describes the real estate market as, “resilient, diversified and optimistically looking forward to spring.”

 

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