Every city and town in Central Alberta had inventory rates practically stay the same or improve. Sales have increased for the most part and homes listed too long have started to expire. 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 4.8 months inventory. I think will will see inventory adjust still lower in Red Deer and other centres through the end of the year.
Some of the small town like Eckville and Rimbey have incredibly high inventory rates. If you want to sell your home in either of these town you will have to price very aggressively.
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.
I predict we’ll see inventory rates lower and correct themselves through the rest of 2016. Spring and summer sees a lot of homes listed with little regard for pricing. Owners are either hoping for a cash windfall and / or they aren’t guided well by their Realtor. Either way, list a property even a little too high and it will sit. Priced right homes will sell.
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, Dark Green=June 27, Orange=July 22, Blue=Aug 23, Green=Sept 27, 2016, Pink=Oct 12,
Red Deer properties currently for sale – 432/410/447/441/432/402
avg # of homes selling ea. month – 88.5/87.2/85.8/83.2/83.8/84
inventory currently for sale in Red Deer – 4.9/4.7/5.2/5.3/5.2/4.79 months inv. -8%
real estate inventory drops nicely in Red Deer – good!
Penhold properties currently for sale – 41/36/36/42/31/30
avg # of properties selling ea. month – 4.4/4.5/4.7/4.7/4.6/4.75
inventory currently for sale in Penhold – 9.3/8/7.7/8.9/6.7/6.3 months inv. -6%
inventory adjust lower – good!
Sylvan Lake properties currently for sale – 155/158/166/160/153/149
avg # of homes selling ea. month – 17.4/17.2/16.3/16.6/15.2/15.3
inv. currently for sale in Sylvan Lake – 8.9/9.2/10.2/9.6/10.1/9.7 months inv. -4%
inventory in Sylvan adjusts but still way too high!
Blackfalds properties currently for sale – 130/129/107/115/118/116
avg # of properties selling ea. month – 14.6/14.4/14.6/14.8/15/14.3
inventory currently for sale in Innisfail – 8.9/9/7.3/7.8/7.9/8.1 months inv. +2%
creeps a little higher – getting way too high!
Lacombe properties currently for sale – 88/99/101/96/91/92
avg # of properties selling ea. month – 11.3/11.2/10.6/10.8/11.6/11.6
inventory currently for sale in Lacombe – 7.8/8.8/9.5/8.9/7.8/7.9 months inv. +1%
slight correction… still too high but nice correction!
Eckville, Ab properties currently for sale – 15/16/18/17/18/12
avg # of properties selling ea. month – 1.3/1.3/0.9/0.8/0.6/0.7
inventory currently for sale in Lacombe – 11.5/12.3/20/21/30/17 months inv. -43%
super high inventory with only one home selling approx. every 60 day?
Innisfail properties currently for sale – 55/55/57/49/50/43
avg # of properties selling ea. month – 6.2/6.3/6.4/6.3/6.2/6.4
inventory currently for sale in Innisfail – 8.8/8.7/8.9/7.8/8.1/6.7 months inv. -17%
nice correction, right direction…
Ponoka properties currently for sale – 54/61/71/71/65/57
avg # of properties selling ea. month – 7/7.4/7.3/6.9/6.9/7
inventory currently for sale in Ponoka – 7.7/8.2/9.7/10.3/9.4/8.1 months inv. -7%
inventory adjusts in right direction again!
Rimbey properties currently for sale – 33/28/26/29/26/24
avg # of properties selling ea. month – 2.2/2/1.7/1.3/1.4/1.4
inventory currently for sale in Rimbey – 15/14/15.3/22/18.6/17 months inv. -8%
slight adjustment, right direction, unbelievably high inventory!
Stettler properties currently for sale – 42/48/61/51/48/41
avg # of properties selling ea. month – 6.25/7.3/7/6.9/5.8/5.9
inventory currently for sale in Stettler – 6.7/6.6/8.7/7.4/8.3/6.9 months inv. -6%
WAY TOO HIGH!
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 firstname.lastname@example.org