For a better look at how the Red Deer real estate market report card is put together have a look at the first report here.
Every seller needs a strategy based on their goals and timing. Maybe you don’t have to sell right away, when is the best time? Maybe you want to sell quick, what are some things to consider?
A market report card gives you a better look at the condition of a local market at any given time. Looking back on past report cards might show how a market is changing and whether it’s improving or not.
Here are the stats I use to compile the market report card.
- The number of sales – is the total number of home sales increasing or decreasing?
- Average prices – is your market seeing an upward or downward price trend?
- Inventory levels – what is your local market’s M.O.I. (months-of-inventory) rate?
These stats are important because combined they give a glimpse at the state of the market and the direction it’s taking. Read more about each below.
Combining the stats we use, August has been an interesting market to take a closer look at. Sales were up this past month and that’s a rare thing this year. Even though the average price of homes sold was down a tiny bit this past month the 4 and 12-month averages were both up and inventory continues to remain reasonable.
Current report card score is C+
A report card score of C+ still indicates it’s a less than perfect time to sell your home in the Red Deer market it implies there might be some changes in store. If you’d like to learn more in regard to interpreting our local market report card contact Blake King (below_ anytime.