Each month in 2017 home sales have been lower than the same month a year earlier and I think we can attribute to the general malaise in the local economy. With uncertainty regarding employment with oil prices low and a the general insecure feeling during the current political reign a large portion of the population have chosen to wait before making larger financial decisions.
However, after a long period of slower sales it’s a nice surprise to see a month with improved results, and August 2017 is that month. Single family homes sold in Red Deer in August 2017 totalled 125 units. Single family homes sold in August 2016 totalled only 98 units. Homes sales were up 27.5% this past month and that comes after some negative double digits sales comparisons prior this year. In March 2017 sales were down 25% and in May they were down 19%.
It’s a relief to see some good news in the Red Deer and Central Alberta real estate market (Central Ab numbers were up 9% in August). I think we can attribute the increased results to buyers concerned about upcoming interest rate increases. Let’s see what happens in September.