October in Red Deer is a weather roller coaster and a busy time for many. We get snow, rain, and sometimes both. We have family gatherings surrounding Thanksgiving, and parties at the end of the month surrounding Halloween. October is a fun month and diverse month.
In Red Deer real estate, October 2009 was stronger than October 2008!
The number of sales reported to the Central Alberta REALTORS® Association for the Red Deer MLS® was 151 properties sold up from 2008's sales number 128.
Where were sales up? As noted in the table above sales were most notably higher in the $150,000-$200,000 price range (which contributed to a lower average price '08 vs '09) and the $400,000 - $450,000 price range.
A pretty solid month of sales for October 2009 real estate. On a week by week basis we also see consistent results.
On a weekly basis we ended the month with a sharp decrease in inventory. This is not unusual to have many listings come off. We may see that number return this week and next as some sellers contracts expired or were cancelled. The number of new lists as noted above have been consistent for the most part during October.
The bottom line:
For buyers, there continues to be ample selection and affordable rates. The average price remains strong and stable. You can buy today with confidence that the market is stable and the largest risk buyers face today is in the potential increase of interest rates in the future.
For sellers, homes are selling at a good solid pace. If you are priced competively demonstrating value to buyers a sale is in your future. The same solid price and absorption rate that demonstrate confidence to buyers also tells sellers that the equity built up over time ion their home is more secure today than the past. The sales rate of homes selling however means that you must be market price savvy and in top showing condition.
October was a month to be thankful for in Red Deer real estate terms.
- Sales up 17.9% over 2008
- October Absorption Rate is 14 - 18 weeks
- The Sales to New Listings Ratio is between 60% and 70%
Your Friend in Real Estate,
Follow Patrick on Twitter: @pgalesloot