Sales in Red Deer Heat Up

Weekly Sales numbers in Red Deer, AB. jump 30% from the previous week.

Weekly Stats             # Listings  # Sales 
Dec.29/08-Jan. 4/09
 14  7
Jan. 5-Jan. 11 47 11
Jan. 12-Jan. 18 69 7
Jan. 19-Jan. 25 63 23
Jan. 25-Feb. 01 67 21
Feb. 2-Feb. 8  90 27
Feb. 9-Feb. 15  70 35

While the weekly numbers may not appear huge to you, they are significant.  Sales increased 30% from the previous week.  The last 3 weeks are 72% higher in sales volume than the previous 4 weeks.  A few months ago I would have speculated that the inventory would be increasing at a far greater rate than it is, and that the pressure on price would be greater in th eRed Deer real estate market.  That has not transpired.

Interest rates dropped not once but twice to a level that is incredibly low in my opinion.  Will they drop again?  I don't know it is really hard to see that happening.  I think there has been a lot of positive indicators for buyers today and that there is plenty of opportunity to buy today.  If you can buy, why not now?

Last week was the first week we saw the number of listings coming on decline at a faster rate than the sales as noted in the above graph.

This morning I polled our Century 21 Advantage Realtors at our weekly meeting.  I have seen an increase in offers come thru the office, and how many have experienced multiple offers.  Yes Multiple offers, and 6 or 7 associates raised their hands.  Yes there are multiple offers happening even in today's market.  If the price is right and you hesitate or are adamant on getting a better "deal" you could lose out on the best house for you.

We're all concerned with buying at the lowest point in the market.  It may be premature but for starter homes or homes under $300,000 that point may have come and gone.  That price point is selling stronger than others. 

Any questions feel free to call or email me, your comments are always appreciated.

Your Friend in Real Estate,

Patrick Galesloot


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