First Day of Spring Market Update

Inventory is up so can the same be said for sales???

As of today we have 673 properties for sale in Red Deer and 43 of those have pending offers. That's a lot of properties to choose from. So yes Red Deer is still in a buyers market. Those buyers where are they? Well they are out there. The weather has been fantastic with Spring weather conditions here. More people are out looking at properties and perhaps sooner than they normally would. Combine that with the recent decrease in interest rates and we have great conditions for buying. Lots of selection, competitive prices, low interest rates and warm weather to look to be more exact.

All that being said what is happening in the market?

Prices are remaining strong for 2008, down slightly from February but still up over January, as well as 2007 and 2006.  What do you think about that?  I prefer to look at the median sale and list price as well.  Averages can be skewed higher with a few high end homes the median tells us what homes are listed at or close to.  The median list price has been holding steady at $329,900 and the median sale price has been hovering around that $322,000 mark which is comparable to 2007.  It appears then that house prices are stable.  If you've been reluctant to buy for fear of a decline these stats should be welcome news.  Take advantage of the low  interest rates and buy now.  Remember that house prices do fluctuate  short term but long term there is a consistent positive trend upward.

 

Your Friend in Real Estate,

Patrick Galesloot

:-)

Patrick Galesloot

Patrick Galesloot

Broker/Owner
CENTURY 21 Advantage
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