Red Deer Real Estate in October, A Month to be Thankful or Spooked?

By
Real Estate Sales Representative with Century 21 Advantage

October in Red Deer is a weather roller coaster and a busy time for many.  We get snow, rain, and sometimes both.  We have family gatherings surrounding Thanksgiving, and parties at the end of the month surrounding Halloween.  October is a fun month and diverse month.

In Red Deer real estate, October 2009 was stronger than October 2008!

The number of sales reported to the Central Alberta REALTORS® Association for the Red Deer MLS® was 151 properties sold up from 2008's sales number 128. 

                                 

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2008 100& Under 100-150 150-200 200-250 250-300 300-350 350-400 400-450 450-500 500-550 550-600 600-700 700 + Total Avg. Pr.

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OCT 6 2 4 27 40 20 15 5 3 1 1 2 2 128 $297,451

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Information based on Red Deer Real Estate Board MLS Stats 2008 only.                              

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2009 100& Under 100-150 150-200 200-250 250-300 300-350 350-400 400-450 450-500 500-550 550-600 600-700 700+ Total Avg. Pr.

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OCT 2 4 17 32 34 24 18 12 2 1 1 2 2 151 $293,268

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Information based on Red Deer Real Estate Board MLS Stats 2009 only.                              

Where were sales up?  As noted in the table above sales were most notably higher in the $150,000-$200,000 price range (which contributed to a lower average price '08 vs '09) and the $400,000 - $450,000 price range.

A pretty solid month of sales for October 2009 real estate.  On a week by week basis we also see consistent results.

               

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Weekly Stats # Listings # Sales # Pending Sales Active Single Family Listings Active Apartment Condo Listings Total Active

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Sept.28-Oct.4 66 30 28 354 82 588

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Oct.5-Oct.11 79 30 32 356 94 604

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Oct.12-Oct.18 40 37 20 351 89 588

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Oct.19-Oct.25 49 31 34 343 89 585

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Oct. 26-Nov. 1 52 38 18 344 72 542

On a weekly basis we ended the month with a sharp decrease in inventory.  This is not unusual to have many listings come off.  We may see that number return this week and next as some sellers contracts expired or were cancelled.  The number of new lists as noted above have been consistent for the most part during October.

The bottom line:

For buyers, there continues to be ample selection and affordable rates.  The average price remains strong and stable.  You can buy today with confidence that the market is stable and the largest risk buyers face today is in the potential increase of interest rates in the future.

For sellers, homes are selling at a good solid pace.  If you are priced competively demonstrating value to buyers a sale is in your future.  The same solid price and absorption rate that demonstrate confidence to buyers also tells sellers that the equity built up over time ion their home is more secure today than the past.  The sales rate of homes selling however means that you must be market price savvy and in top showing condition.

October was a month to be thankful for in Red Deer real estate terms.

  • Sales up 17.9% over 2008
  • October Absorption Rate is 14 - 18 weeks
  • The Sales to New Listings Ratio is between 60% and 70% 

Your Friend in Real Estate,

Patrick Galesloot

Follow Patrick on Twitter:  @pgalesloot 

 

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