July Heats Up

July housing sales increased over last year by 22%. A dramatic change in the sales pattern for 2008 so far. Not enough to pull a reversal on what has transpired so far but an optimistic outlook for the fall perhaps. Total single-family home MLS sales for the month of July 2008 totaled 139. That was 22% more than the 114 sales reported in 2007 for single-family homes.  House prices have remained stable despite a year full of transition. 

The sales volume is not as high as previous months but the fact that we have narrowed the gap and reduced inventory levels is a positive sign for sellers. It may be early to announce that things are turning around, but certainly, it is a signal to watch closely at how the market is changing.  Active and conditonal listings have been reduced from as high as 740 active listings to a current level of 676 listings.

It's important to look further at the different market segments and see if there are differences in types of housing. While single family homes ( houses) had a strong come back in July the same can not be said for all product types. One of the more challenging segments for selling right now has been Apartment Condos. With several condominium projects coming or just recently opened up that area of the market has more inventory than the single-family home market.

Here are some highlights of the market today:

Total Listings in Red Deer:
Jan. 01 - July 31, 2007: 2,132
Jan. 01 - July 31, 2008: 2,514
Percentage change: +17.91 %

Total Sales in Red Deer:
Jan. 01 - July 31, 2007: 1,515
Jan. 01 - July 31, 2008: 1,291
Percentage change: -14.8 %

Total Single Family Listings in Red Deer:
Jan. 01 - July 31, 2007: 1,379
Jan. 01 - July 31, 2008: 1,619
Percentage change: +17.4 %

Total Single Family Sales in Red Deer:
Jan. 01 - July 31, 2007: 926
Jan. 01 - July 31, 2008: 880
Percentage change: -4.96 %

Total Half Duplex Listings in Red Deer:
Jan. 01 - July 31, 2007: 184
Jan. 01 - July 31, 2008: 211
Percentage change: +14.67 %

Total Half Duplex Sales in Red Deer:
Jan. 01 - July 31, 2007: 147
Jan. 01 - July 31, 2008: 128
Percentage change: -12.9 %

Total Townhouse Listings in Red Deer:
Jan. 01 - July 31, 2007: 236
Jan. 01 - July 31, 2008: 278
Percentage change: +17.79 %

Total Townhouse Sales in Red Deer:
Jan. 01 - July 31, 2007: 147
Jan. 01 - July 31, 2008: 128
Percentage change: -22.6 %

Total Apartments Listings in Red Deer:
Jan. 01 - July 31, 2007: 252
Jan. 01 - July 31, 2008: 294
Percentage change: +15.87 %

Total Apartments Sales in Red Deer:
Jan. 01 - July 31, 2007: 196
Jan. 01 - July 31, 2008: 101
Percentage change: -48.5 %

Definitely some bright spots in the market place as well as some challenges. All of which have opportunities for both buyers and sellers. The key to success is application of this market knowledge and how to use it to achieve your goals. Talk to an expert in your area, and an expert that specializes or has a strong working knowledge of your type of home. Each product line whether a town house, an apartment, or a house requires market expertise. Be sure to call a Local Expert, they have the proven record of accomplishment to get your home sold.

Your Friend in Real Estate,

Patrick Galesloot

**Stats taken from Central Alberta Realtors Association MLS**


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