Real estate sales to the end of December 2007 show that in Drumheller and surrounding area there were 234 sales on the MLS.
Town of Drumheller sales averaged $214,203.00, with 167 sales, an average price increase of 22.7% over last year. Included in total house sales, were 7 new homes averaging $345,236.00, an increase of 30% from last year's sale prices. Sales of resale homes, averaged $208,532.00, an increase of 29% from last year's average sales price. There were 65 sales below $200,000.00 and 7 sales over $400,000.00. Average selling time for homes was 77 days. Rural Drumheller area sales averaged $171,972.00, with 70 sales.
At the beginning of the year, Drumheller had 52 houses on the market, with an average listing price of $246,809.00.
Low mortgage rates are encouraging people to purchase their own homes, as opposed to renting. With more houses on the market, there is a better selection for buyers to choose from. Sellers have to be aware that there is more competition for sales. The outlook for 2008 depends very much on the local, as well as national economy. We probably cannot expect house prices to keep rising as fast as in the past few years, but expect a solid, well balanced year in the real estate market.
"We are very pleased with how stable the market is right now. Our clients are still seeing appreciation in the value of their homes, albeit not as steep as the last two years" said Gary Chambers, Owner of Century 21 Power Realty.
"As well, we've recently started to see investors getting back into the market buying income property and farm land, surprisingly enough." "We have a very positive outlook on the market, especially now that the price of Natural Gas is climbing again."
For more information, call Nelson Smith of Century 21 at 403-334-5555 or email email@example.com