According to the latest report from the Alberta Real Estate Association the North East Region, which includes Lloydminster, saw a decline across the board in May compared to the same month last year.
The average price in the region was $378,034, a 13.7 per cent decline from 2022, with 121 properties sold in the 31-day period, down 9.7 per cent. Apartment prices saw the biggest dip, with the average price being $111,842 down 28.7 per cent.
Compared to 2022 inventory in the area was up 9.9 per cent with 521 properties on the market. A property on average remained on the market for nearly four and a half months, up 21.7 per cent from last year.
So far in 2023, sales for the North East Region are down 34 per cent, with only 427 properties sold. The average price is $354,483 which is an 11 per cent dip.
Across Alberta, the average price saw a 2.8 per cent increase, at $470,037, while sales were down 5.6 per cent compared to last year with 8,752 properties sold. The provincial inventory is also down 18.4 per cent, with a property on average being on the market for just over two months.