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 future it’s important to know and understand as much as possible about your local market.
Before planning any real estate transaction it’s important to understand, each real estate market is local. Keep in mind, when someone says “Canadian real estate market” or even “Alberta real estate market” it doesn’t necessarily apply to your local market. Too many real estate decisions are based on national real estate information but national stats should only be taken with a grain of salt because it may have zero relevance to your local market.
Real estate sales & listings comparison report for Red Deer, Alberta, March 30th – April 5th, 2020.
Number of single-family detached homes sold: 11
Number of single-family detached homes listed: 20
The average price of single-family detached homes sold: $344,109
Number of other properties (condo, apart, duplex, town-home) sold: 3
Number of other properties (condo, apart, duplex, town-home) listed: 12
Number of condominiums sold: 2
Number of condominiums listed: 7
The average price of condominiums sold: $130,250
Number of residential units sold between 0-200k: 4
Number of residential units sold between 201-300k: 3
Number of residential units sold between 301-400k: 3
Number of residential units sold between 401-500k: 3
Number of residential units sold between 501-750k: 1
Number of residential units sold above 751k: 0
Total entered the market
Total off the market
Expired & canceled: 43
Listings sold: 14
33 (entered market) – 57 (off-market) = -24
The COVID-19 will continue to slow our local market and every market internationally. Real estate is deemed an essential service so people can buy and sell but most people will decide to sit it out through the pandemic. We are noticing fewer listings because some people don’t want the risk of having strangers through their house. However, Realtors® are taking precautions by having sellers leave lights and doors open so people viewing don’t have to touch things We are seeing a lot of properties leave the market either by cancellation or expiry but we also strangely seeing people still listing property. It will be interesting to see whether the market balances better through the slowdown because there’s no doubt we’ll see a flood of listings when things are back to normal!
Note: 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 and negatively impact your possible results. The more listings there are (competition), the lower sale prices head. Supply and demand – too much supply inversely impacts 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’ll have directly and negatively impacted your future sale price. Only list if seriously planning to sell.
It’s still a buyer favoured market in Central Ab and that indicates it’s a great time to buy. If you’re a buyer waiting for prices to drop you’ll likely buy higher than prices are right now.
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