Red Deer Real Estate Blog

Changing market over the past 7 weeks, and the change is not over.  With the financial markets in turmoil from the US credit crisis, an election called here in Canada, there is a lot of dynamics going on. For a detailed look at the market click here.

This week marks one of the lowest inventory levels we have seen in a while with total properties for sale in Red Deer now totalling 597.  As you may recall form previous posts we have been as high as 740 properties available.  A 19% decrease in inventory!  By contrast the last two weeks have seen the largest gain in new listings in the past 7 weeks.

Last week looked like:

71 New listings with 53 sales and a net decline in inventory.

When is a good time to buy?  How will you now when?  Simple questions but yet important and pressing ones.  The simple is buy low and sell high, but how do you know that the market is at it’s lowest?  We usually know when that only after prices and volume start to increase.  At which time we hope we’re not to late.

There are plenty of choices now making it a good time for selection and value, low interest rates, and bargaining power are firmly in the hands of buyers today, so now is indeed a good time to buy.  With zero down and 40 year amortizations being phased out soon, now is a good time to speak with you Realtor about buying.

Your friend in real estate,

Patrick Galesloot

How is the Real Estate Market in Red Deer Alberta?

Well as you can see it is still quite healthy.  There are many listings on the market creating conditions for a buyers market.  The average sale price in August for single family homes (houses) was quite strong.  The average house sale price in August 2008 being $346,40, which is 99% of 2007′s average house sale price of $351,467.

August and July were both solid months with lots of activity and helped bring the average sale price for the year to 98% of 2007 sale price.  For the summer months it seems that we have leveled off to were we were a year ago for house values.

Volume of sales then for 2008 compared to a year ago?

Sales in 2008 were strong.  The interest rates here in Canada remain low and attractive for borrowing and economic conditions and provincial prosperity make for a good time for buying real estate.  The summer was great for sales of single family homes.

So where are we headed and are all market segments fairing as well?

Single family homes sales remain strong through the first two weeks of September.  Condo sales are comparable to 2007 (2008 8 condo sales vs. 9 in 2007), which is a positive indicator for what has been a saturated condo market.  More signs that we are turning the corner?  In the first two weeks in September total mls sales were 84 units compared to 104 reported in 2008.

Despite the down turn in the US economy and the collapse of their financial institutions Canada remains string and vibrant.  Invest your dollars here in Canada, and Red Deer Alberta.

Your Friend in Real Estate,

Patrick Galesloot