Red Deer sales/listing report for the week, Aug 31st – Sept 6th, 2020 report
Keep on top of the Central Ab and Red Deer market news by checking in at www.iOnRealEstate.ca – Red Deer’s real estate news, stats and information hub.
If you’re planning to buy or sell residential real estate now or in the future, it’s important to understand as much as possible about your local market. That’s why each week at iOnRealEstate.ca we post the Red Deer Real Estate market report comparing sales to listings. It’s important to compare home sales to home listings to help understand the market.
Know your market
Before planning any real estate transaction it’s important to understand, your 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 lightly because they may have zero relevance to your local market.
Real estate sales & listings comparison report for Red Deer, Alberta, August 31st – September 6th, 2020.
Click here for last weeks results <<
Sales, listings and average price data
Number of single-family detached homes sold: 27
Number of single-family detached homes listed: 40
The average price of single-family detached homes sold: $335,709
Number of other properties (condo, apart, duplex, town-home) sold: 9
Number of other properties (condo, apart, duplex, town-home) listed: 20
Number of condominiums sold: 7
Number of condominiums listed: 11
The average price of condominiums sold: $200,857
Properties sold price breakdown
| Number of residential units sold between | 0-200k | 6 |
| Number of residential units sold between | 201-300k | 15 |
| Number of residential units sold between | 301-400k | 8 |
| Number of residential units sold between | 401-500k | 5 |
| Number of residential units sold between | 501-750k | 2 |
| Number of residential units sold above | 751k | 0 |
Total entered the market
Listings: 60
Total off the market
Expired & cancelled: 58
Listings sold: 36
Margin
60 (entered market) – 94 (off-market) = -34
An interesting disparity between the number of homes entering and leaving the market. The Red Deer market report shows sales are doing well and we’re seeing a balanced number of listings.
Last week, when looking at inventory in we could see we were experiencing a “seller’s market for the first time in a long time. The data above points toward lower inventory too.
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.
Right now is a seller favoured market in Central Ab and that indicates price may begin to increase. If you’re a buyer waiting for prices to drop they won’t in the near future. If you’ve waited, the low price point has likely passed but if prices continue upward, now is a low point.
Click here for last weeks results <<
View the monthly inventory stats now at http://www.iOnRealEstate.ca.
For more local real estate news, info and statistics continually check in at www.iOnRealEstate.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 hello@blakeking.ca
