LIME GREEN REALTY'S NOVEMBER 2019 MARKET UPDATE
There were a total of 98 sales in October for single family, half duplex, townhouse and condo properties in Red Deer, which is only a slight decrease in sales year over year for the month of October, which were at 103 in 2018.
Sales have dropped 15% this month compared to last, which is quite typical to see this time of year.
Year to date sales for 2019 are at 1091 compared to YTD sales in October of 2018, which were 1145. So we have had a 4.7% decrease in sales year-over-year, and a 7% decrease from 2017.
The number of active and conditional listings at the end of October for Red Deer was at 600, which has dropped from 656 last month. This is nice to see because although sales have come down a bit, we have also seen a 7% decrease in inventory.
Hopefully, this will help to stabilize our market going forward with the lower volume of listings available.
The average days on market in Red Deer has actually DECREASED from 92 days last month to 72 days!
I often get asked the question, "When is the best time to sell my home?" and my common response is, "There isn't necessarily a better time throughout the year to sell, because there are advantages and disadvantages to all seasons. In Spring, you have a much larger volume of buyer's. However, with that also comes a much higher volume of listings available and greater competition. In the fall and winter months, there are usually less buyers looking. However, the inventory levels drop and you have much less competition".
This month's stats represents a great example as we see inventory dropping and days on market decreasing. So the "best" time to sell your home is whenever the time is right for you, because even in a recessed economy, there are still buyer's out there and properties are still selling!
THE BOTTOM LINE
Just remember... buying and selling in the same market is all relative. If you sell at a low price, you will also get to buy at a low price. If you sell high, you will buy high. So for those of you already in the market, right now is an ideal time to up-size, or right-size your home. Inventory is plentiful, sellers are motivated, interest rates remain low, and for first-time buyers, financial assistance programs are coming soon!
Please let us know if you have any questions, or know of anyone else that could use our services to buy and/or sell their property, anywhere in Central Alberta.
Lime Green Realty's agents are committed to helping you. Whether buying, selling, or both, we have the experience and market expertise to provide you with all the information you will need to make a well informed decision. Contact us with your questions. We're here to help!
*Stats as per the CARA MLS system from January 1, 2019- September 26 2019 per primary listing agent selling residential properties with full services*