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, Feb 15th – Feb 21st, 2021 report
Sales, listings and average price data
Number of single-family detached homes sold: 29
Number of single-family detached homes listed: 28
The average price of single-family detached homes sold: $406,189
Number of other properties (condo, apart, duplex, town-home) sold: 13
Number of other properties (condo, apart, duplex, town-home) listed: 7
Number of condominiums sold: 5
Number of condominiums listed: 4
The average price of condominiums sold: $183,000
Properties sold price breakdown
|Number of residential units sold between||0-200k||5|
|Number of residential units sold between||201-300k||15|
|Number of residential units sold between||301-400k||11|
|Number of residential units sold between||401-500k||4|
|Number of residential units sold between||501-750k||6|
|Number of residential units sold above||751k||1|
Total entered the market
Total off the market
Expired & cancelled: 12
Listings sold: 42
35 (entered market) – 54 (off-market) = -19
Last week there was a deficit of -14 properties in the Red Deer market, this week the deficit is higher. As long as I’ve been posting this report a deficit had to be the combination of “sold” homes and “expired/cancelled” listings. This week, “sold” homes alone were a deficit over new “active” listings. This past week 19 more homes left the market than entered the market.
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