MLS inventory decreases/improves in every Central Alberta town except Innisfail and Penhold

red_deer_inventory_of_homes_for_sale

Every city and town in Central Alberta had inventory rates improve except Penhold and Innisfail. Sales have increased for the most part and homes listed too long have expired. It’s still a buyers market throughout Central Alberta. Now is the best time to buy with way too many homes on the market and interest rates so low.

Red Deer has the most stable and reasonable inventory rates throughout Central Alberta at only 3.9 months inventory. I think will will see inventory adjust still lower in Red Deer and other centres through the end of the year.

Eckville, Sylvan Lake and Rimbey have incredibly high inventory rates still. Selling in these towns will require very aggressive pricing.

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With inventory rates high it’s not the best time to sell. However, if priced right, there are still enough buyers shopping. Price is key, list slightly too high and your property will sit for months.

When buying or selling property YOU HAVE TO CONSIDER the local inventory numbers. When inventory levels are high, typically prices stay stagnant or decrease. When inventory levels are low, and there aren’t enough homes for buyers, homes will sell faster and at a higher price.

Below are “single family detached” home inventory levels for Red Deer and some towns in Central Alberta.

Pink=May 25, Black=June 27, Orange=July 22, Blue=Aug 23, Green=Sept 27, Pink=Oct 12, Black=Nov 15, 2016

Red Deer properties currently for sale – 432/410/447/441/432/402/332
avg # of homes selling ea. month – 88.5/87.2/85.8/83.2/83.8/84/86
inventory currently for sale in Red Deer – 4.9/4.7/5.2/5.3/5.2/4.8/3.9 months inv.   -19%
real estate inventory drops nicely in Red Deer – great!

Penhold properties currently for sale – 41/36/36/42/31/30/30
avg # of properties selling ea. month – 4.4/4.5/4.7/4.7/4.6/4.8/4.6
inventory currently for sale in Penhold – 9.3/8/7.7/8.9/6.7/6.3/6.5 months inv.   +3%
inventory adjust lower – good!

Sylvan Lake properties currently for sale – 155/158/166/160/153/149/138
avg # of homes selling ea. month – 17.4/17.2/16.3/16.6/15.2/15.3/15.5
inv. currently for sale in Sylvan Lake –  8.9/9.2/10.2/9.6/10.1/9.7/8.9 months inv.  -8%
inventory in Sylvan adjusts again but still way too high!

Blackfalds properties currently for sale – 130/129/107/115/118/116/93
avg # of properties selling ea. month – 14.6/14.4/14.6/14.8/15/14.3/15
inventory currently for sale in Innisfail – 8.9/9/7.3/7.8/7.9/8.1/6.2 months inv.  -23%
a big drop in inventory in Blackfalds!

Lacombe properties currently for sale – 88/99/101/96/91/92/90
avg # of properties selling ea. month –
11.3/11.2/10.6/10.8/11.6/11.6/12.2
inventory currently for sale in Lacombe – 7.8/8.8/9.5/8.9/7.8/7.9/7.4 months inv.  -6%
slight correction… still too high…

Eckville, Ab properties currently for sale – 15/16/18/17/18/12/12
avg # of properties selling ea. month – 1.3/1.3/0.9/0.8/0.6/0.7/0.6
inventory currently for sale in Lacombe – 11.5/12.3/20/21/30/17/11.4 months inv. -33%
super high inventory with only one home selling approx. every 60 days

Innisfail properties currently for sale – 55/55/57/49/50/43/45
avg # of properties selling ea. month – 6.2/6.3/6.4/6.3/6.2/6.4/6.1
inventory currently for sale in Innisfail – 8.8/8.7/8.9/7.8/8.1/6.7/7.4 months inv.  +10%
inventory up a little this month…

Ponoka properties currently for sale – 54/61/71/71/65/57/49
avg # of properties selling ea. month – 7/7.4/7.3/6.9/6.9/7/7.5
inventory currently for sale in Ponoka – 7.7/8.2/9.7/10.3/9.4/8.1/6.5 months inv.  -20%
inventory adjusts in right direction again!

Rimbey properties currently for sale – 33/28/26/29/26/24/18
avg # of properties selling ea. month – 2.2/2/1.7/1.3/1.4/1.4/1.8
inventory currently for sale in Rimbey – 15/14/15.3/22/18.6/17/10 months inv.  -41%
great inventory adjustment, still high inventory!

Stettler properties currently for sale – 42/48/61/51/48/41/38
avg # of properties selling ea. month – 6.25/7.3/7/6.9/5.8/5.9/5.8
inventory currently for sale in Stettler – 6.7/6.6/8.7/7.4/8.3/6.9/6.6 months inv.  -4%
inventory high but gradually adjusting!

Inventory rates in the market you’re planning to buy a home are one of the most important factors to consider and are overlooked by almost everyone. To understand exactly how statistics affect your purchase strategy and how to use them to save money when buying and make money when selling contact Blake King with Century 21 Advantage (403) 350-7672 or email hello@blakeking.ca

Here is a link to previous inventory numbers in Red Deer and area.

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About the Author

Blake King
Having lived in Red Deer my entire life and having experience in many avenues of real estate I offer enormous value to my clients.