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Local real estate market begins to balance: AREA

Lloydminster’s real estate market showed signs of balanced sales and new listings in November. The Alberta Real Estate Association says despite an indication of balance, sales are below-average while inventory remains high.

AREA says the low sales have resulted in four consecutive years of elevated months of supply. This causes pressure on prices, which have declined by 17 per cent since 2014.

AREA Chief Economist Ann-Marie Lurie says while supply adjustments continue, the province-wide conditions favour the buyer.

“Uncertainty combined with job losses is weighing on the market. This is impacting resale demand, with sales activity settling into lower levels since 2014.”

AREA says although sales activity is slow, new listings were over six per cent lower than last year. This causes improvements in the sales to new listings ratio and reducing inventories compared to last year.

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Provincially, 3,525 units were sold in November, which is a three per cent decline over last year. Overall year-to-date sales remain nearly one per cent below last year’s levels and 11 per cent below long-term averages.

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