Also keep abreast of real estate market news for Red Deer and Central Ab by checking in at www.HomeScope.ca – Red Deer’s real estate news and information hub.
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 your local market. 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 predictions. Putting weekly real estate news updates together I want to state upfront that a real estate market is local. Also note, when someone says “Canadian real estate market” or even “Alberta real estate market” it almost certainly doesn’t directly apply to your local market. Often you hear people making decisions based on national or international real estate information. Take non-local information with a grain of salt, it may have zero relevance to your local market. And before making any real estate decision call an experienced local Realtor® for advice!
Red Deer sales & listings comparison report Jan 21st – Jan 27th
Number of single-family detached homes sold: 16
Number of single-family detached homes listed: 39
The average price of single-family detached homes sold: $357,400
Number of other properties (condo, apart, duplex, town-home) sold: 5
Number of other properties (condo, apart, duplex, town-home) listed: 18
Number of condominiums sold: 1
Number of condominiums listed: 11
The average price of condominiums sold: $146,000
Number of residential units sold between 0-200k: 5
Number of residential units sold between 201-300k: 3
Number of residential units sold between 301-400k: 8
Number of residential units sold between 401-500k: 2
Number of residential units sold between 501-750k: 3
Number of residential units sold above 751k: 0
Total entered the market Listings: 57
Total off the market
Expired & cancelled: 21
Listings sold: 21
57 (entered market) – 42 (off market) = +15
We are watching inventory grow the last few weeks. Ideally this year, it would be nice to see a more balanced market. There’s a better chance it could happen in 2019 with some of the real estate lending confusion subsiding. We might see some improved consumer confidence too with some chances on the go nationally.
I still recommend only selling this year if you seriously have to sell. When too many homes are listed for sale it has a negative impact on pricing. Keep in mind, if you list your house to sell just “testing the market” you will essentially reduce prices as a whole. The more competition (listings) there are, the lower sale prices will be. Supply and demand – too much supply negatively impact prices. In turn, when a Realtor uses “sold” homes as comparable homes for a market evaluation on your home listing 3 months or 6 months down the road, you will have also negatively impacted your future sale price. Only list if seriously needing to sell.
It’s a buyer favoured market in Central Ab and that indicate it’s a great time to buy. Most buyers will wait to see if prices drop BUT ALL STATS INDICATE THEY WON’T. Keep your eye on my “average price charting” news for Central Alberta >HERE<
View the monthly inventory stats at https://www.homescope.ca.
Hosted by Blake King Realtor® and Big Earth Realty. Blake continually monitors the Red Deer and Central Alberta real estate market to track changes and watch trends to help his clients make the most informed decisions buying or selling their home. If you want to learn more about how local market stats affect your buying selling decision call or email Blake anytime (403) 350-7672 or firstname.lastname@example.org