If you’re planning to buy or sell residential real estate in the near future it’s important to know as much as possible about the market you’re buying in.
Not only is it important to know what is happening in the market at any given time it’s also important to know what the market has done historically to make some predictions.
As I start to put these weekly real estate updates together I want to state for the record that a real estate market is local. And note, when someone says “Canadian real estate market” or even “Alberta real estate market” it almost certainly doesn’t apply to your local market. Often you hear people making decision or giving advice based on a provincial or national market statistic. Take that information with a grain of salt, it may have practically zero relevance to your local market.
It’s nice to see listings “on market” equal sales again this week in Red Deer. A market balanced this way is good. Too many sales and not enough listings can cause sharp price increases, and more inventory then sales can cause prices to dip. Let’s hope, at the very least, the 2017 real estate market in Red Deer is nicely balanced.
Weekly Red Deer real estate market update Jan 23rd – 29th?
Number of single family detached homes sold: 14
Number of single family detached homes listed: 27
Average price of single family detached homes sold: $402,414