February 2018 Red Deer real estate market continues positive sales trend. There were 98 Sales reported for the month of February 2018. This was 17% higher than the sales volume reported last February. 17%!!
So, Why Isn’t My House Selling?
Let’s take a look at the market before we analyze your home specifically. Let's break down the sales volume compared to new listings for February 2018. Also known as “supply & demand”.
“There are a lot of homes for sale”. Yes, there is. The Gold lines are the “supply” side of real estate inventory, more specifically the number of new listings added, and the Black lines represent the sales reported to our MLS® board for February 2018.
In total there were 98 sales reported and 238 new listings added. If there were no listings on hand from the previous market, one could say only 41% of the new listings SOLD in February 2018. This is indicative of a “Buyers Market”. This is an improvement from last month when the ratio was 35%.
That same ratio by property type:
Single Family Detached: 43%
Apartment Unit: 46%
Half Duplex: 28%
Mobile Home: 13%
If 5 or 6 out of 10 homes are not selling, then as a seller what are you to do?
The market today is all about value. We recommend seller’s highlight the value more. Take extra steps to fix all the little things. Clean, declutter, fix and repair, update lighting, and paint, clean carpets, replace damaged and broken fixtures. At the end of the day, we’re striving for a buyer, or better yet a few buyers, to realize “wow this is a good price”. If a buyer can walk into your home and leave with a feeling that your home has more value than similarly priced homes, you’ve just increased your odds of a successful sale in a shorter amount of time.
Sales activity also varies by property type and price range. $1,000,000 homes are quite nice, but the number of active buyers compared to buyers shopping around $350,000 are quite a bit smaller in volume.
The sales by Price range during February was:
Red Deer has been predominantly a “house” or single family detached community, versus a high rise condo market you might find in Vancouver. In Red Deer house prices are affordable and very much in demand compared to other property types.
How long it takes to sell your home varies by property type. Last month the average for a house in Red Deer was 73 days, T?he average for all property types was 79 days to sell for February.