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 local market’s condition 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 the market seeing an upward or downward price trend?
- Inventory levels – what is the local market’s M.O.I. (months-of-inventory) rate?
These stats are important because they give a glimpse at the state of the market and combined they can indicate the direction it’s taking.
Combining the stats we use, November could indicate the market is looking bad. Sales were down and that’s a rare thing this year. The average price of homes was lower 3 of the last 5 months and the only thing that has kept the market out of the complete doldrums is the inventory level.
Current report card score is D
A report card score of D indicates it is not a good time to sell your home in the Red Deer market. It’s essentially saying the market can’t get much worse. However, there are two positive notes I think of when a market isn’t doing it’s best. 1. when a market hits rock bottom it can only improve 🙂 and 2, when the market is bad it’s the best time to buy real estate at the best price!
If you’d like to learn more in regard to interpreting our local market report card contact Blake King (below_ anytime).