Looking for a small town loaded with potential? Penhold may just have what you are looking for.
Penhold although small in stature is the only "bedroom" or "commuting city" with in 15 - 20 minutes of Red Deer that has experienced an increase in MLS sales volume. The average sale price for real estate in Penhold has also experienced growth over 2007, not matched by Blackfalds or Sylvan Lake.
So why Penhold?
Penhold Alberta is approximately 2100 people after the most recent census. Penhold AB is situated halfway between Innisfail and Red Deer approx. 13 km either way. Located at the intersection of highways 2a and 42, and just a few km from the QE2. Penhold is 6 km from the Red Deer regional airport, and 9 km from the commercial development in Red Deer County known as "Gasoline Alley". The prices in Penhold have been lower than there neighbors for some time, and development was delayed by various speculative reasons, but now they are poised to match the size of there sisters to the north Blackfalds.
Penhold 2008 $274,860.00(average sale price) a 16% increase over 2007, $297,079.00 (average single family home sale price) an 8% increase over 2007.
Penhold 2007 $237,201.00 (average sale price) $275,920.00 (average single family home sale price)
Blackfalds, has been a fast growing community with a population of 4,843, is nestled halfway between Red Deer and Lacombe in Central Alberta. The ten minute commute in either direction provides the residents of Blackfalds, not only a short drive to a wide range of employment opportunities and post secondary educational institutions, but to regional scale shopping outlets and entertainment.
Blackfalds has leveled out the most it seems with growth in price limited to 1 or 2% over last year. however they have experienced a decline in sales of 27%.
Sylvan Lake, AB is 20 km west of Red Deer on Highway 11. A lake resort community with plenty to offer. Sylvan Lake is one of the largest communities within a 15 - 20 minute commute. Sylvan Lake has the largest average selling price in the area, but that is impacted greatly by the recreation property and water front property.
Sylvan Lake 2008 $361,452.00 average sale price vs. $394,431.00 average single family home sale price.
Sylvan Lake 2007 $380,050.00 average sale price vs. $393,596.00 average single family home sale price.
Change 07 to 08: -5% average sale price, 0% average single family home sale price.
With Red Deer being the larger center it's natural to look at trends there. However, Red Deer Alberta is fortunate to have several smaller towns in a short driving distance with unique real estate market trends and developments.
Affordability sets Blackfalds apart from Red Deer, while Sylvan Lake is strongly influenced by the presence of lake frontage values as indicated in the above sale price comparison.
Definitely an increase in the days on market all around, Penhold has experienced faster sales pace.
While the real estate market continues to adjust to the changing economic conditions in 2008. Central Alberta has pockets of economic differences. Penhold looks like it just may have the greatest potential for growth at this time.
For a more detailed look at the real estate market in theses three communities click here.
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