May 2020 - Red Deer Real Estate Market Update

Posted by Patrick Galesloot on Monday, June 8th, 2020 at 11:24am.

 

May 2020 - Red Deer Real Estate Market Update:

“How’s the market?” “Are things moving?”  Those are questions we get quite often.  It’s important to get local information when it comes to selling or buying and we’re pleased to be that resource for Red Deer and Central Alberta Real Estate. The real estate market in Red Deer is down.  When it comes to sales volume, and listing coming on the market both of those areas were and are impacted by COVID-19 isolations and lockdowns.  Real Estate is not immune.

When we look at May 2019 vs May  2020 we certainly see the difference. 

Red Deer real estate stats

The Average Sale Price decreased from May 2019 by almost 8%.  Now, this doesn’t necessarily mean your house value dropped by that much.  It does tell us the price point where most buyers have been buying last month.  Sales volume as anticipated was down compared to last year.  The total number of MLS sales decreased by 38%.  Meanwhile, the days on market compared to 2019 remains relatively unchanged.  So while we saw a drop in demand.  The supply-side or the listing that came on the market also decreased by 25%.

“Are things improving?” you may ask.  The answer is Yes.  All indicators show that April was the low point and May has definitely improved over April.

May vs May Red Deer real estate market update

 

 

The average sale price increased by a little more than 8% this time.  The total number of MLS homes sold also increased by 25%.  As the weather improved, local cases of COVID and provincial numbers improved so did the real estate market.  We are starting to slowly see a return to normal or our “new normal”.

 

If you have questions about how your home fits in the market or whether now is the right to for you to be selling or buying, let us know.  We’re here to offer guidance and support and assist you with all of your real estate needs.

A look at the Red Deer real estate market MLS® data with Patrick Galesloot, the Broker & Owner of Century 21 Advantage in Red Deer AB.

 

 

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