Weekly real estate market update Oct 31st - Nov 6th

Blake King's real estate update for Red Deer
Also keep your eye on more Red Deer real estate market news and info by checking into www.HomeScope.ca - Red Deer's real estate new and information hub.

If you're planning to buy or sell residential real estate in the near future it's important to know as much as possible about the market you're buying in.

Not only is it important to know what is happening in the market at any given time it's also important to know what the market has done historically to make some predictions. 

As I start to put these weekly real estate updates together I want to state for the record that a real estate market is local. And note, when someone says "Canadian real estate market" or even "Alberta real estate market" it almost certainly doesn't apply to your local market. Often you hear people making decision or giving advice based on a provincial or national market statistic. Take that information with a grain of salt, it may have practically zero relevence.

Listings are high compared to sales but this is normal. There will always be a large number of homes listed with too high a price. The same homes will gradually expire or be cancelled. Stats demonstrate that this month - we had 44 homes listed, 21 sold - but 58 either expired or were cancelled after sitting and not sellling. When inventory is high, only the reasonably priced homes are actually of concern - the others, buyers avoid.

Again, if sellers are less "listing crazy" and plan instead to wait for the market to do better we'll see a more balanced market. A balanced market will cause normal price increases which is healthy.  See Central Alberta 'for sale' inventory rates here. The more homes for sale (supply), combined with lower than average sales currently (demand), prices will decrease.

Weekly real estate market update Oct 31st - Nov 6th​

Number of single family detached homes sold: 15 (sales low)
Number of single family detached homes listed: 29 (listings too high compared with sales)
Average price of single family detached homes sold: $366,367

» Click here for last weeks results 

Number of other properties (condo, apart, duplex, town-home) sold: 6
Number of other properties (condo, apart, duplex, town-home) listed: 15
Number of condominiums sold: 
Number of condominiums listed: 9
Average price of condominiums sold: $255,717

Number of residential units sold between 0-200k: 2
Number of residential units sold between 201-300k: 6
Number of residential units sold between 301-400k: 
Number of residential units sold between 401-500k: 6
Number of residential units sold between 501-750k: 0
Number of residential units sold above 751k: 0

Total on market
Listings: 44

Total off market
Expired & cancelled: 58
Listings sold: 21

44 (on market) - 79 (off market) =  -35
negative margin is good when inventory is high

Check back each week for the Red Deer real estate update.

For more local real estate news, info and statistics continually check in at www.HomeScope.ca.

» Click here for last weeks results 

Hosted by Blake King Realtor® with Century 21 Advantage in Red Deer. Blake King continually monitors the Red Deer and Central Alberta real estate market to track changes and watch trends so his clients make the most informed decisions when buying or selling their home. If you want to learn more how local market stats affect your buying selling decision call or email Blake King anytime (403) 350-7672 or hello@blakeking.ca

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Blake King

Blake King

Affiliated Real Estate Agent
CENTURY 21 Advantage
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