With no change in the economic climate, Sylvan Lake’s sales activity totaled just 22 units in October, bringing the total number of homes sold to 261 year to date. The average selling price has jumped to $312,386 an 9 per cent increase from just last month. This merely means more expensive listings have sold in October compared with those same number of sales (22) in September.
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