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.
Know your market
If you’re planning to buy or sell residential real estate now or in the future, it’s important to know your local market as much as possible. 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.
Your market is local
Before planning a real estate transaction in Red Deer it’s important to understand that your real estate market is local. Keep in mind, when someone references the “Canadian real estate market” or even the “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 need to be taken lightly because they may have zero relevance to your local market.
Red Deer sales & listing comparison report for the week, Jan 4th, 2020 – Jan 10th, 2021 report
Sales, listings and average price data
Number of single-family detached homes sold: 13
Number of single-family detached homes listed: 25
The average price of single-family detached homes sold: $374,408
Number of other properties (condo, apart, duplex, town-home) sold: 5
Number of other properties (condo, apart, duplex, town-home) listed: 17
Number of condominiums sold: 3
Number of condominiums listed: 12
The average price of condominiums sold: $166,500
Properties sold price breakdown
|Number of residential units sold between||0-200k||5|
|Number of residential units sold between||201-300k||3|
|Number of residential units sold between||301-400k||5|
|Number of residential units sold between||401-500k||4|
|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 & cancelled: 14
Listings sold: 18
42 (entered market) – 32 (off-market) = 10
This is likely where we turn the corner and begin the spring market changes. We’ve seen more homes leaving the market than entering it for a long time and it will be interesting to see what happens from here. More homeowners will start listing their homes for sale. We have seen higher sales over the last 7 months and if that continues the market might remain nicely balanced.
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 prices will go. Supply and demand – too much supply negatively impacts prices.
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.
View the monthly inventory stats now at http://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 firstname.lastname@example.org