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 decision or giving advice 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 experience local Realtor® for advice!
Red Deer real estate market May 7th – May 13th
Number of single family detached homes sold: 13
Number of single family detached homes listed: 52
The average price of single family detached homes sold: $374,246
Number of other properties (condo, apart, duplex, town-home) sold: 11
Number of other properties (condo, apart, duplex, town-home) listed: 30
Number of condominiums sold: 5
Number of condominiums listed: 14
The average price of condominiums sold: $218,280
Number of residential units sold between 0-200k: 3
Number of residential units sold between 201-300k: 7
Number of residential units sold between 301-400k: 10
Number of residential units sold between 401-500k: 2
Number of residential units sold between 501-750k: 2
Number of residential units sold above 751k: 0
Total on market
Total off market
Expired & cancelled: 17
Listings sold: 24
82 (entered market) – 41 (off market) = 41
For the second week in a row property listings surpassed sales numbers 2 to 1. Twice as many properties hit the market then sold. You don’t want this happening too often. We will continue to see an abundance of listings hitting the market in a healthier economy. Many of which didn’t sell over the last couple years and some homeowners who waited out the slow years and are now trying to sell. This super high listing inventory gives buyers the leverage needed to negotiate a low purchase price but on the other hand, sellers won’t be getting the sale price they want. With inventory the way it is we likely won’t see property price increases this year.
It’s still 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 wont. 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® with Century 21 Advantage in Red Deer. Blake King continually monitors the Red Deer and Central Alberta real estate market to track changes and watch trends so his clients make the most informed decisions when buying or selling their home. If you want to learn more how local market stats affect your buying selling decision call or email Blake King anytime (403) 350-7672 or firstname.lastname@example.org