June 2009 was a busy month for MLS® sales in Red Deer. The Central Alberta REALTORs® Association (CARA)recorded 213 sales for June 2009 which exceed 2008 sales number 213.
So the market is busier for sales than last year, it is good news but premature for a celebration. It is still quite competitive if you are selling. We have been carrying inventory levels (homes that haven't sold) for quite some time. Fortunately those numbers have been declining for some time now gradually. The weekly sales to listing ratio has been on the positive side of 50% which means less houses are carried over than the previous week. The increase in sales, certainly has an effect on the listing ratio, the other side of that equation is the listings. We are not seeing expired or cancelled listings returning to the MLS® market as rapidly as one may have initially thought. Some sellers are waiting, or changed their minds for their own reason. The number of expired listings for June is also down from 2008 levels (60 vs 91).
We now have weekly inventory levels hovering around 600 properties for sales in Red Deer list with the CARA MLS®. That number being the lowest for quite a number of weeks and a few months.
All of these numbers add up to a improved and positive real estate market in Red Deer. I'd like to say the worst is over but as we saw in the fall of 2008 anything can happen economically that can change our economics. While it is safe to enjoy the sales we are currently experiencing, and the improvement in the Red Deer economy, it is premature to announce anything but a "balanced" market.
Houses sell everyday, and some do not. Now is not a time for being stubborn on price, or neglectful with maintenance items. The right price for condition is the difference between for sale and sold. The same is not true perhaps for all price ranges. If you are in a higher priced home the number of buyers today are not plentiful. The bulk of the activity is still in the middle around that $300,000 mark. The average sale price for June was $291,287.
You can buy with confidence knowing that the market today has improved and is showing signs of a strong, healthy balanced market. If you're thinking about selling the market is better, the activity is more plentiful, but you can't go fishing for that higher price. Talk to your REALTYOR® about the market and how it effects you.
Your Friend in Real Estate,
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