The real estate market in Central Alberta is turning around. The change from last October to this year is unmistakable. The biggest reason is price. The average sale price for Red Deer this year was $335,692 compared to $349,592 last year which is shown in the total sales of 97 units this year compared to 78 last year. As an association we are also seeing less houses come on the market, 260 this October vs 325 last year.
What that means to you:
As a buyer, you have a lot of choice, there are houses that are priced right and ready to move into. Interest rates are still great.
As a seller, there are still homes selling, more homes are selling this year than this time last year. Prices have recovered but you as a seller decides what you will sell for. The final decision is yours.
Finally people are always asking me what is going to happen in 2010. Personally I look at the job outlook in Alberta. The oil field is drilling 1/3 of what they drilled the last few years, there are layoffs or cutbacks in health care and education but out of all of Canada we have the strongest economy with the brightest outlook. I think 2010 will be a typical year for our housing industry. The spring will be strong, the summer will be ok and a slight dropoff in the fall. As far as pricing is concerned I do not expect much change for 2010. The economy is recovering and to be competitive your house has to be priced the same or lower than your competition.
So far this year we have sold 53% of the houses listed. To be in that 53% you have to be competitive and your home in show condition.
Thanks for reading, Ken Devoe Century 21 Advantage