OUR MARKET

By
Real Estate Agent with Century 21 Advantage

Some people have a state of the union address I am having a state of the market address. My comparison is for homes solds in Red Deer from January 1st to April 4th of each of the following years plus their average price. This is single family homes only and does not include duplexes, mobiles or condos.
2005 we had 265 sales with an average sale price of $202,396.
2006 we had 309 sales with an average sale price of $252,582.
2007 we had 320 sales with an average sales price of $349,073.
2008 we just finished up with 320 sales with an average of $359,146.

So what does this all mean? To me I look at total sales. 320 this year is down from both the past two years which is not uncommon since 06 and 07 were peaks in our market. Nobody was prepared for the way the market exploded in Alberta but most of us caught up quickly and helped our clients find a home in a very difficult market. Yes difficult, home buying should be a fun relaxing experience. 2006 buyers had no fun, they were stressed and hoped they actually had a home. We are now in the down spiral of that time, lots of houses still selling but in order to sell now a home owner nust have 3 things. A desired home, a great location and the right price. Overpricing does not work and houses do not sell when they are overinflated, not anymore.
As for the prices, they are a little hard to explain. Yes the average sales price is up from the past couple of years but what we are seeing this year is bigger newer homes coming on the market where over the past few years people were selling their older existing home. So in 2006 people were selling their 1980's bungalow for $330,000, but this year we are seeing more 2006 and 2007 built homes on the market, they are bigger, newer and of course more expensive. This I believe is the cause of the price climb. So in conclusion we are in a stable market, Calgary and Edmonton prices have been stable for the last few months. Our market feeds off those two and I believe we will have a stable market and see consistent growth over the remainder of the year.

HAVE A GREAT DAY!

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Rainer
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Ken Devoe

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