Red Deer Real Estate Blog

Last week in Red Deer real estate was a bit slower than the previous week but still a solid performer.

Pending sales reported remains steady, which is a measure of deals written.  January versus February, and the tale of the tape is that February is exceeding January and we have a week to go as far as numbers reported.

January 1 to 31st, 2009 compared to February as of February 25th:

The number of new listings coming on to the market presently is at 93% of January numbers, while Sales have increased by 56%. 

So how is this comparing to last year?

Listings are happening at the same pace as 2008 while sales are still lagging.  Rumour is that interest rates will drop again next week be 25 to 50 points.  If rates keep dropping it sure is getting cheap to borrow.

Your Friend in Real Estate,

Patrick Galesloot

Weekly Sales numbers in Red Deer, AB. jump 30% from the previous week.

While the weekly numbers may not appear huge to you, they are significant.  Sales increased 30% from the previous week.  The last 3 weeks are 72% higher in sales volume than the previous 4 weeks.  A few months ago I would have speculated that the inventory would be increasing at a far greater rate than it is, and that the pressure on price would be greater in th eRed Deer real estate market.  That has not transpired.

Interest rates dropped not once but twice to a level that is incredibly low in my opinion.  Will they drop again?  I don’t know it is really hard to see that happening.  I think there has been a lot of positive indicators for buyers today and that there is plenty of opportunity to buy today.  If you can buy, why not now?

Last week was the first week we saw the number of listings coming on decline at a faster rate than the sales as noted in the above graph.

This morning I polled our Century 21 Advantage Realtors at our weekly meeting.  I have seen an increase in offers come thru the office, and how many have experienced multiple offers.  Yes Multiple offers, and 6 or 7 associates raised their hands.  Yes there are multiple offers happening even in today’s market.  If the price is right and you hesitate or are adamant on getting a better “deal” you could lose out on the best house for you.

We’re all concerned with buying at the lowest point in the market.  It may be premature but for starter homes or homes under $300,000 that point may have come and gone.  That price point is selling stronger than others.

Any questions feel free to call or email me, your comments are always appreciated.

Your Friend in Real Estate,

Patrick Galesloot

Real Estate Activity is on the rise!

Talk to a few Realtors and you and the response will be that there is in fact more action in the market place.

The numbers also reflect that as noted above.  There was an increase in listings as well as sales.

The weather on the weekend was fantastic.  That may have something to do with the amount of traffic I witnessed at 38 Overand Place.  I made arrangements to stop in at 1:30 prior to the open house to shoot some video.  Well Ken Devoe was there and ready and had his signs up promoting traffic.  The open house did not officially start until 2:00 but at 1:30 there were people coming through.  Must have been at least 6 couples or groups that came thru in that first 45 minutes. We managed to create some videos in between traffic.

From Stats

Did you hear this week that rates dropped yet again?  Prime rate is now at 3% down 50 points.  The over night rate is at 1%!!  How low can they go?

Your Friend in Real Estate,

Patrick Galesloot

Here are the weekly numbers:

The blue shaded areas represent homes that did not sell and are still available.  We like to see that gap closer if you are selling.  The bigger the gap the stronger the “buyers” market.  You can see that sales were sluggish to start January 2009.  Not to surprising given the doom and gloom in the air.  Afterwards we had President Obama inauguration followed by the great Canadian Budget Coalition stand off that has now been resolved.

Sales are down from last year January ’08 versus January ’09.

From Stats

We’ll keep you informed.

Your Friend in Real Estate,

Patrick Galesloot

It’s easy for me to say you should buy now, and that the market conditions are positioned in favour of buying.

I’d like your input on the real estate market. What do you thinik, should I buy a house today? What advice would you give a young couple starting out today? What about you, have you thought about if now is the right time to buy?

Take a few seconds and answer the brief survey I created, I promise it is short. I’ll post the results next Monday.

Click Here to take survey

Your Friend in Real Estate
Patrick Galesloot