With no change in the economic climate, Red Deer’s sales activity totaled 107 units in October, a 16 per cent decline over the previous year & well below long-term averages. There was a pullback in sales across all product types, leaving supply levels high, resulting in persistent oversupply & price reductions. The average selling price comes in at just $307,587 an 10 per cent decline over the previous year.
If possible, potential buyers may want to take advantage of the market conditions. However, some face difficulties with mortgage restrictions or failed attempts at selling their existing home. Accurate & strategic pricing is key to over coming an extended listing. A seller 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 2014-2018