Red Deer’s “home listings vs sales comparison” helps everyone keep their finger on the pulse of the Red Deer real estate market. If there’s a deficit or a surplus trend, the market is changing. Check-in at www.iOnRealEstate.ca often for updated Red Deer real estate news, stats, and information.
Again this week more homes left the market than entered it. However, it looks like more properties are being listed. Because there haven’t been enough homes for all the buyers, inventory is remaining the same because the marginal listing increase is being purchased.
Someone asked me last week, if there are so many buyers not able to find a home to buy shouldn’t the inventory level be 0. If all properties were price correctly that would be the case but a large portion of homes listed are listed to high initially. Those won’t sell until their price is adjusted.
Know your market
If you’re planning to buy or sell residential real estate soon, it’s important to understand as much about your local market as possible. Each week at iOnRealEstate.ca we post this Red Deer Real Estate market report comparing the number of homes leaving the market (sold and expired/canceled) to homes entering the market (listings). It’s important to compare home sales to home listings to help understand the market and inventory levels. See the monthly inventory report for Central Alberta at iOnRealEstate.ca.
Your market is local
Before planning a real estate transaction it’s important to understand that every real estate market is local. When someone references anything other than your local market it isn’t necessarily relevant. Too many real estate decisions are based on non-local real estate information but national stats need to be taken lightly because it often has no relevance to your local market.
Red Deer Home Sales & Listing Comparison report for the week of Aug 7th – Aug 13, 2023
Red Deer Home Sales & Listing Comparison
Number of detached homes sold: 30
Number of detached homes listed: 23
The average price of detached homes sold: $403,698
Number of other properties (condo, apart, duplex, town-home) sold: 22
Number of other properties (condo, apart, duplex, town-home) listed: 17
Number of condominiums sold: 15
Number of condominiums listed: 12
The average price of condominiums sold: $199,160
Properties sold price breakdown
|Number of residential units sold between||0-200k||7|
|Number of residential units sold between||201-300k||18|
|Number of residential units sold between||301-400k||13|
|Number of residential units sold between||401-500k||10|
|Number of residential units sold between||501-750k||4|
|Number of residential units sold above||751k +||0|
Total entered the market
Total off the market
Expired & canceled: 10
Listings sold: 52
40 (entered market) – 62 (off-market) = -22
View the monthly inventory stats now at https://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, buying or selling. If you want to learn more about how local market stats impact your next real estate transaction call (403) 350-7672 or email anytime – firstname.lastname@example.org