March continues to roll along following the increase in volume that occurred in February.
We noticed a slow down in the number of listings coming on. This is a positive sign for sellers already on the market, they enjoy the decrease in competition. This is not a trend yet we shall continue to monitor the weekly movement as well as monthly.
March at a glance:
March has just recently passed the halfway point and you can see that we have already surpassed January's sales numbers, and are more than half of February's. I think it is important to note that we had some terrible weather in March so far. While -40C maybe fine for oil and gas and others that get hung up on spring road bans, those frigid temps impact the number of buyers willing to brave the elements.
All that being said in regards to the weather, if memory serves me correctly every March has it's cold snaps, some more than others. To put 2009 March sales into perspective look at March 1st - 17th sales comparison below:
A look at Red Deer MLS sales from March 1st to 17th. Take out the previous 2 or 3 heated years, and 2009 is shaping up to be a "normal" year. 2007 really stands out as the "peak" of activity in the Red Deer real estate market.
Interest rates continue to favour buyers with a further decrease announced yesterday. Five year closed rates are available at 4.09%. With the overnight at 0.50% by the Bank of Canada, it is difficult to foresee them moving that number closer to zero. Buyers that wait and see if the market will come down more are at greater risk of seeing a decline negated by increases in rates. An increase of 40 points (from 4.09% to .49%) turns a 3 percent decrease into a wash.
Your Friend in Real Estate,
Stats from CARA MLS.