MAN IS IT SLOW OUT THERE!

Here is an update of some stats to give you an idea what is really going on in Red Deer.

 

From Jan 1/17 to today there have been 844 Residential properties sell.  This is the LOWEST number of homes to sell since 2003 (846)… when Red Deer was 72,500 population… (we are currently hovering around 99,000).  Sales have declined from the same time frame last year by 15.26%… (996 last year)..  But… they have dropped by 38% from same time frame in 2014… a mere 3 years ago (1363).  

 

There are currently 745 properties available for sale.  This number is approaching the all time high from the summer of 2010… which was 865 properties.  

 

The average selling price so far this year is $330,784.  The average selling price from same time frame last year was $332,154… a minor drop in value.  The list price of the average selling home was $339,422.  The list price of the average selling home last year was $340,760.  These are averages… 

 

The AVERAGE list price of all active homes right now is $363,381.

 

Our volume of sales shows a lack of population growth.  It has been hampered by the difficulty of obtaining a mortgage in Alberta right now.  

 

If you follow the cycles of the market since 2000, it looks as though we may have reached the bottom of the trough and an upward trend may be around the corner…. by that I mean that sales volume will hopefully increase in 2018… this doesn’t mean a huge rebound in values.  If you bought your home 3-5 years ago, you may find yourself selling at a price lower than you paid…  AND… to be a seller … you may have to accept less than you’d like or think… REMEMBER… if you sell… and you re-buy… you will recover this loss on the rebound in value in your new home… so all is not lost.Here is an update of some stats to give you an idea what is really going on in Red Deer.

 

 

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Richard Pochylko

Richard Pochylko

Associate Broker
CENTURY 21 Advantage
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