While it looks more like winter out there lately in Red Deer and Central Alberta it is still "fall". The kids all went back to school so the summer rush to get settled is over, so what's happening out there in the Red Deer Real Estate Market?
Well, sales slowed down a little. The winter weather came early and when that happens, fewer people feel like looking at homes. We tend to shift to "stay warm and hibernate mode".
So the dent or decline in available listings didn't really occur. Active listing inventory is still higher than in recent years. If you're buying today, there are plenty of homes to choose from. Buyers today continue to have the luxury of options, and with that comes an improved negotiating position.
Yes, we still have sales. If you hear of anecdotal comments such as "no one is buying", that's a tad exaggerated. The right combination of value and price still yields a sale today.
The supply and demand are quite favorable for buyers. With plenty of homes to choose from and interest rates still low, there really shouldn't be a reason to NOT get into the real estate market. If you have credit, income, and a down payment, conditions could not be better.
These numbers are strictly for the City of Red Deer MLS® real estate. Red Deer has long been more affordable than the larger centers and when you see single family homes (a house) is still the largest property type by demand, we're doing very well. Sure the market is challenging for seller's but long term, the advantages of home ownership remain and long-term capital and equity for individuals is still attainable. Quite a contrast to average price points and property types in Vancouver, or Toronto, where a house, is far out of reach for many buyers entering the real estate market.
When we look at the sales by price range, you can see where most people are buying. Sellers in those higher demand price ranges have to sharpen their value proposition, and the higher end price ranges require a longer vision and patience as demand significantly lowers the higher in price homes are.