So far this year in Red Deer, Alberta single family home sales (all sales excluding condos, mobiles and acreages) have been lower than the same months in 2016. January 2017 saw sales drop 4%, February 5%, and this March sales dipped 25% lower than March 2016 (see chart 2 above).
What’s contributing to slower sales this year, especially additional declines each month? It’s hard to say why Red Deer sales have slowed but looking at Central Alberta as a whole, sales have actually increased (see chart 1 below). Single family home sales, including all of Central Alberta, were up 7% in March. And if we exclude Red Deer’s slower numbers, Central Alberta sales are actually up a whopping 31%.
Determining the state of the real estate market can depend on how you look at it. A narrow sample can give a different perspective of the market, and a larger sample might provide a more accurate view.
If we’re looking at statistics to shine a light on the state of the economy, it might be smarter to look broadly. Central Alberta wide sales increases this year might indicate we are on the climb to recovery.
Blake King Realtor® with Century 21 Advantage in Red Deer tracks real estates stats each month and posts them here at HomeScope.ca.