When I think of 2010, I think of the movie "2010: The Year We Make Contact". Which prompted me to look up "odyssey" as I don't often use that term, perhaps you do.
According to Wikipedia "the word odyssey has come to refer to an epic voyage". So will real estate in Red Deer 2010 be an "epic voyage"? Was January the beginning of our epic voyage of real estate?
Red Deer MLS® Sales are up this year over last year by 37%. A great start for sellers.
When we plot out the sales as per above we see a very distinct shape and concentration in the middle price rang and a more definitive grouping in the lower price ranges. The average price for homes sold in the City of Red Deer according to the Central Alberta RTEALTORS® Association(CARA) was $276,381 compared to the low start of $239,821. While you may want to say price is up 15%, I would caution that statement and point out that the average home sale price in December was $299,111. It is quite common for January start with lower numbers.
|Total # Listings 2009||2010||2009 Total # Sales||2010||2009 Average Sale Price||2010||2009 DOM||2010|
The other day I blogged about the weekly real estate trend. Sales have been slowly rising but not at the same rate as the number of listings coming on to the market.
For the past year or so we've been talking about the sales ration to new listings and that is quite noticeable above on the weekly trend. During January 2010 there were 267 new listings and only 87 sales recorded by CARA MLS®. That sales to listing ratio is only 32.58% for the month of January. A strong buyers market indicator yet an improvement from the 28% in 2009.
Will 2010 be an epic journey/odyssey?
To early to tell, but I think we may be in for more of the same. A year full of sales but the pressure on price competition will remain as we presently have 5.8 months of inventory at today's sales rate. The key to a successful sale will be price and condition. Sellers will have to continue to be smart priced and in showcase condition.
Your Friend in Real Estate,