With no change in the economic climate, Sylvan Lake’s sales activity totaled just 22 units in September, bringing the total number of homes sold to 239 year to date, a mirror image of 2017. 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 $286,727 an 11 per cent decline over the previous year.
Potential buyers may want to take advantage of the market conditions. However, some face difficulties selling their existing home based on their expectations, preventing them from purchasing something else & moving on. It looks as if the buyer's advantage will continue for the remainder of this season. Let's just have a Happy Thanksgiving!
Information Based on Red Deer Real Estate Board MLS® Stats 2014-2018