Archive for July, 2015

Lots of Questions About the Market

Monday, July 20th, 2015

We’ve been answering lots of questions about the Real Estate Market over the past few months. No matter where we are, the questions come as people try to sort out for themselves how the changes in the Oil and Gas sector have impacted our local market, and in turn their property value or property search.

In the past 2 years we’ve seen remarkably low inventory conditions, and in this past few months that changed. There wasn’t a flood of inventory on the market because people weren’t in a high equity position, however, there was a marked increase in the number of properties listed for sale. As well, the number of sales did not increase so this meant that for some property owners, they’ve not had success selling. The median price range of homes remained relatively steady, but that statistic can be affected by 2 or more high or low price sales so isn’t a clear indicator.

2014 MLS Stats SF

2014 MLS Stats Single Family Homes Red Deer Source: Matrix CARA Database

 

 

 

 

 

 

 

 

 

2015 MLS Stats Single Family

2015 Year to Date MLS Stats Single Family Homes Red Deer Source: Matrix CARA Database

In this market there have been the following effects:

 

*Some sellers have had to adjust their prices downward to attract buyers.
*Popular home styles and layouts continue to sell within 2-10 days on market at a competitive price.
*Home preparation and presentation is making a real difference in time on market and successfully attracting a buyer.
*Financing has become more difficult for some buyers to firm up and some transactions have fallen due to financing.
*Some sellers are asking for higher deposits.

Our clients have been active and we’re working with them to understand the market conditions and the implications for their property and/or property search. It’s important to work with an agent that is monitoring your local market, and can help you through the process of decision making. Knowledge is power and without it you’re left not understanding why your home isn’t selling or the market conditions for you as a buyer.

 

 

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Central Alberta REALTORS® Association. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.
MLS® MLS REALTOR® Realtor