Beginning of June and we are nearing the half way point to 2010. So far the real estate market for many is one that they would prefer to forget. As previously noted it can be hard for sellers today with the vast number of new listings on the market. Today we have approximately 765 Active listings in the City of Red Deer listed for ale on the Central Alberta REATORS® Association MLS® (CARA). That is 135 more than last year. Definitely many home owners out there who would like to sell and move into something bigger, smaller or some where else. Plenty to choose form for buyers. Now not everyone would like to forget this year. We do have sellers that have experience quick sales and for top dollar.
It's more appropriate to say that the real estate market is just plain different today. It wasn't that long ago when it was challenging for buyers to find a house, and take time to decide if it was the right one. Some buyers are finding it tough to decide today because they have so many choices, a luxury which was absent in 2006 and 2007 for the most part.
So Listings are up in volume how about sales volume? What's happening out there?
Above is a picture of the 2010 market so far. Good solid volumes in the middle close to the average price of $304,472. We also see that we have sales occurring in all price ranges even those homes above $700,000 are in fact selling.
How does this compare to previous years? Certainly the way to look at the market is with perspective of the previous years. Compared to 2009, the sales volume of 627 recorded in 2010 is lagging the number reported in 2009 of 673. This is all MLS® sales volume for residential sales reported for the City of Red Deer from CARA.
In the past 7 years we have had a pretty dramatic rise in volume as well as price. In 2010 we've experienced slower sales volume while holding sale prices on average. However (double asterisk here) ** In 2004, 2005, and 2006 we were not measuring sales in the $700,000 price range. Our data collection grouped those sales as $500,000 and up because the sales volume was low enough to warrant a condensed group. Since that time we have seen an increase in sales over $500,000 and today we measure on a regular basis sales of properties $700,000 and up. These Higher end homes that are selling are in fact influencing the "average sale price". On a house by house basis your REALTOR® will probably advise you that the value for your home has declined in 2009 and again in 2010. That is a reality of the market not always seen in the "average numbers".
Talk to your REALTOR® about whether your home price has gone up or down and if the timing is right for a move for you.
Your Friend in Real Estate,
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