Week 43, Oct 25th – Oct 31tst, 2021
Keep on top of Red Deer home sales and how it compares to the number of listings hitting the market. If there’s a deficit or a surplus trending the market will be changing. Check-in at www.iOnRealEstate.ca each week for updated Red Deer real estate news, stats, and information.
SUMMARY
This past week added a large deficit of homes for sale in the Red Deer, Alberta real estate market. This time of year, if seller’s haven’t found a buyer they might choose to take their home off the market for the winter.
However, right now there is a lot of buying activity still so if a property isn’t selling it’s priced too high.
The problem we’ve run into this years is the talk of prices having increased. The unfortunate thing is, when a typical seller hears this news they don’t consider the actual amount prices might have increased and they price too high.
With the higher-price news a new seller might misjudge their home’s actual value and with a seller who might have tried to sell last year, they think, if there house didn’t sell at the price they tried last year, that it might sell higher now.
Prices didn’t go up that much. Over the last 12 month prices have only increased about 6%. So, if a house didn’t sell last year at $300,000 it probably won’t seller higher than that this year. And if you’re hoping your house has gained value since you purchased it, it really depends when you purchased it.
Know your market
If you’re planning to buy or sell residential real estate now or in the future, it’s important to know as much about your local market 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 and inventory levels.
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 it has almost no relevance to your local market.
Red Deer sales & listing comparison report for the week, Oct 25th – Oct 31tst, 2021 report
Click here for last weeks results <<
Sales, listings and average price data
Number of single-family detached homes sold: 16
Number of single-family detached homes listed: 24
The average price of single-family detached homes sold: $377,921
Number of other properties (condo, apart, duplex, town-home) sold: 13
Number of other properties (condo, apart, duplex, town-home) listed: 16
Number of condominiums sold: 6
Number of condominiums listed: 11
The average price of condominiums sold: $219,817
Properties sold price breakdown
| Number of residential units sold between | 0-200k | 5 |
| Number of residential units sold between | 201-300k | 11 |
| Number of residential units sold between | 301-400k | 9 |
| Number of residential units sold between | 401-500k | 3 |
| Number of residential units sold between | 501-750k | 0 |
| Number of residential units sold above | 751k | 1 |
Total entered the market
Listings: 40
Total off the market
Expired & canceled: 44
Listings sold: 29
Margin
40 (entered market) – 73 (off-market) = -33
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 so he can help his clients make the most informed decisions about 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