by Jay McDouall
on Friday, November 1st, 2019 at 6:14pm.
October sales are down slightly from the same time in 2018, posting just 6 fewer sales in 2019. However, the number of active listings is up 17.9%. This isn't the best news if you're trying to sell, as more inventory means more competition, likely due to a number of re-listings & homes returning to the market that failed to sell.
The market differs largely on which price point you're in. Well priced homes that show well are typically selling within 30 days under the $400,000 price point. Sales & overall buyer activity at the higher price points has been slow, especially over $600,000. Red Deer experienced just two sales in October, despite high levels of inventory. We're starting to see a disparity between what buyers want to pay, & what sellers are willing to accept for their homes. The busiest price range continues to trend between $300,000 to $350,000 in Red Deer with an overall average of 64 days to sell.
Deals can happen where sellers are more motivated to sell. However, certain sellers (downsizers) are choosing to hold on to their investments & wait for a more opportune time to sell; avoiding massive losses. Others moving across the market or upgrading, can experience a proportional savings on their purchasing end. In most cases they may face somewhat of a loss on the sale of their home, but they’ll also have an opportunity to gain on the home they purchase.
Overall, buyer confidence & an unfavorable federal election has some buyers pulling back the reigns. It looks as if the buyer's advantage will continue for the remainder of this season. Whether you're buying or selling, or you're simply looking for more information, Contact Us & we'll get you some answers.
Information Based on Red Deer Real Estate Board MLS® Stats 2015-2019