Back to School buying is in full swing and listing inventory is on the decline.
September brings another change in the market place. The focus returns for many companies and individuals as the summer vacation and play time draws to a close. The certainly seems to be the case in real estate sales activity lately.
Sales continue to remain strong and this last weeks sales activity was the highest for the month of August. Not your typical long weekend trend. Sales reported for the Central Alberta REALTORS ® Association for the City of Red Deer totalled 43. That number was up 13% from the previous week and 34% from the start of August.
In our last post we talked about why you should be buying now. One of those indicators was the declining listing inventory. Last week we had a moderate bump up, but the inventory level has been on the decline.
This decline in inventory and strong sales has improved the absorption rate. This is the rate at which homes are selling. If we stopped taking listing how long would it take to clear out everything, and that number we have been measuring in weeks is currently 13 weeks. Similar to the rate in June.
If you have a rate hold set to expire, or you haven't sought a pre-approval for a mortgage and asked for a rate hold, you may want to get cracking. With a strengthening economy and rates committed to this level until the budget in January, it is highly probably the Feds Rates will be increasing and your cost of home ownership will be on the rise as a direct result of increased interest rates.
For a personalized look at the market contact your REALTOR®.
Your Friend in Real Estate,
All stats from the Red Deer MLS® and the Central Alberta REALTORS® Association
Follow Patrick on Twitter: @pgalesloot