Real Estate sales in Red Deer slowed down in July from the peak in June, while temperatures soared into the 30's and sun was plentiful.
Ideal summer weather and real estate don't always mix it seems. When the weather gets fantastic it seems that Central Albertans are busy enjoying it while it lasts. July brings the expositions through the province with The Calgary Stampede, Edmonton Capital Ex, and the Red Deer Westerner being 3 of the notable events. These summer events draw in attendees from all over, and from right here. We can usually plan for a slower week during westerner days and typically the start of the Stampede in Calgary also starts the slow down in real estate sales. While you may think that it should pick up with sales for homes because the kids are all out of school, but the peak for sales is actually June. The number of closings (actual moving date) follows into the summer. In order to achieve a summer move that sale typically is recorded before the end of the school year.
July and August are not sleeper months, don't get me wrong it is still busy for sales. The next deadline date for many relocating or planning a move do so before the start of the school year.
The sales to new listings ratio is an indicator of the flow of real estate. The higher the ratio the busier it seems to be with listings selling faster. As was the case previous holiday weekends, last weekend marked the low point for that sales ratio measure. Why? Because we all like to go away for the long weekend weather it is out of town, a family function or a friends for a BBQ. Match that up with great weather and the long weekend slows down in real estate while business increases at the gas pump or camp grounds. Red Deer real estate certainly has been following that flow.
While the market is healthy today, and at risk at sounding pessimistic, listing inventory has gradually been increasing during the month of July if you are planning on selling or trying to sell your home today you should take note of this trend. Increasing listing inventory is an indicator of a shifting market. Unless many listings come off for the fall. The rate of sales will be and is declining. If you are not positioned for this market shift (a seasonal shift) you may not achieve your sales goal.
Be sure to speak with your REALTOR® about the changes happening in the real estate market today. Each city and area reacts differently to the market shifts. Some are solidly in a balanced market while other areas, and price ranges are reacting like a buyer or sellers market.
Your Friend in Real Estate,
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