Can you say, "flat market?" With minimal change in the economic climate, Red Deer’s sales activity totaled 124 units in June 2019, a 15 per cent decline from the June 2018, well below long-term averages, & with a 37.7 per cent decrease over the last four years. There was a pullback in sales across all product types, leaving supply levels high, resulting in persistent oversupply & continued price reductions. The average selling price comes in at just $311,344 an 11.6 per cent decline over the last four years. With July upon us, prepare for a quiet couple of months, as the kids are free, families are travelling & enjoying the very sporadic amount of sun we're seeing this summer.
If possible, potential buyers may want to take advantage of the market conditions & reduced lending rates. Some may still face difficulties with mortgage restrictions or failed attempts at selling their existing home. Accurate & strategic pricing is key to over coming an extended listing. Seller's should not be discouraged, & rather be encouraged by the advantage of also purchasing within such a market. Unless of course, you're downsizing. You may want to hang on to your investment until trends become more favorable to sell, typically spring time! It looks as if the buyer's advantage will continue for the remainder of this season.
Information Based on Red Deer Real Estate Board MLS® Stats 2015-2019