The bad economy we keep hearing about is keeping people wondering about how the local real estate market is performing. The biggest news locally, is that buyers are much scarcer than last year at this time, with fewer sales than last year for the period. Resale housing in the Town of Drumheller totalled 26, compared to 46, last year in the same three month period.
The average sale price for resale houses in Drumheller for the three months ending October 31, 2008 was $215,265.00, a 4.1% drop from $224,441.00 in 2007. Average days on the market were 75, compared to 83 days in 2007. Rural centres in the Drumheller district average $169,997.00, down 2.5% from 2007.
There appears to be a downtrend in the number of sales, especially in the lower end of the market. At the same time there are more homes on the market, so sellers should prepare for some serious bargaining from buyers. The good news is that interest rates are still low, and should stay low for quite some time. For more information on the worth of your property in this Market, feel free to call the associates of Century 21 Power Realty Ltd. (Nelson Smith, Gary Chambers, Kim Suntjens, Hanne Paget, Earl Paget, or Bob Sheddy-Broker). (Source REALTORS Association of South Central Alberta.)