Still high inventory rates in some Central Alberta towns. Penhold, Lacombe, Rimbey and Stettler witness nice inventory corrections with Stettler now registering the lowest inventory rate. Blackfalds has the second lowest inventory rate (with a slight increase this last month) and Red Deer is third. It’s still a buyer’s market throughout Central Alberta but slightly higher sales and lower inventory may balance things better as we approach the end of 2017.
Even with high inventory, homes still sell, but price is key **list slightly too high and your property can sit for months. Allowing your home to sit for sale for months will effect sales results now and down the road.
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 higher prices.
Below are “single family detached” home inventory levels for Red Deer and some towns in Central Alberta. Average number of properties selling was calculated from the last 12 months of sales prior to June 2017. Starting June 2017 the average will be calculated over 90 days to better represent any trending.
Feb 14, 2017, March 15, Apr 11, May 15, June 12, July 23, Aug 12 2017 – click link above for previous months numbers.
Red Deer properties currently for sale – 271/336/378/396/465/464/451
avg # of homes selling ea. month – 88.5/83.6/82.8/80.4/93/101/97 (+2%)
inventory currently for sale in Red Deer – 3.2/4/4.2/4.9/5.3/4.6/4.7 months inv.
Sales stumbled a bit but total inv. dipped – rate increase.
Penhold properties currently for sale – 27/27/31/28/24/26/24
avg # of properties selling ea. month – 5/5.1/4.6/4.8/4.3/5/5 (-8%)
inventory currently for sale in Penhold – 5.4/5.3/6.7/5.8/5.6/5.2/4.8 months inv.
I nice correction
Sylvan Lake properties currently for sale – 119/118/134/154/169/155/153
avg # of homes selling ea. month – 16.6/17/17.4/17.4/19.3/21/22 (-5%)
inv. currently for sale in Sylvan Lake – 7.2/6.9/7.7/8.8/8.8/7.4/7 months inv.
Sylvan needs more of this direction
Blackfalds properties currently for sale – 80/89/91/101/105/99/102
avg # of properties selling ea. month – 15.4/15.3/15.3/15.4/22/23/23.7 (+2%)
inventory currently for sale in Blackfalds – 5/5.8/5.9/6.6/4.8/4.2/4.3 months inv.
Still best inventory rate in Central Ab!
Lacombe properties currently for sale – 63/74/89/101/104/100/95
avg # of properties selling ea. month – 13.4/12.8/13/12.5/13.3/17/17.3 (-9%)
inventory currently for sale in Lacombe – 4.7/5.8/7/8/7.8/5.8/5.5 months inv.
Inventory total corrects nicely
Innisfail properties currently for sale – 48/48/53/67/72/67/68
avg # of properties selling ea. month – 6.8/7.1/7.8/7.6/7.7/6.7/7 (-3%)
inventory currently for sale in Innisfail – 7/6.8/6.8/8.8/9.4/10/9.7 months inv.
A correction but not enough to better the market there
Ponoka properties currently for sale – 38/49/60/80/85/90/84
avg # of properties selling ea. month – 7.6/7.3/6.8/6/6/7.3/8 (-12%)
inventory currently for sale in Ponoka – 5/6.7/8.8/12.6/14/12/10.5 months inv.
Corrects but still way too high!
Rimbey properties currently for sale – 16/17/21/29/32/35/35
avg # of properties selling ea. month – 1.8/1.9/2/2.2/2/2/4 (-48%)
inventory currently for sale in Rimbey – 8.9/8.9/10.5/13.2/16/17/8.8 months inv.
Some additional sales helped but too many homes are listed?
Stettler properties currently for sale – 35/31/39/44/45/40/33
avg # of properties selling ea. month – 6.4/6.1/5.6/5.4/6/6.7/8.3 (-33%)
inventory currently for sale in Stettler – 5.5/5.1/7/8.1/7.5/6/4 months inv.
Great inventory rate in Stettler with sales up and listing lower!
Inventory rates in the market you’re planning to buy a home are one of the most important factors to consider and are often overlooked. 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 firstname.lastname@example.org