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Red Deer Real Estate Market Update


Blog by Amanda Blake | July 8th, 2020


LIME GREEN REALTY MARKET UPDATE JUNE 2020 

Sales for June definitely showed us a rebound in the Real Estate Market for Central Alberta! We saw a 40% INCREASE  in sales for June 2020 compared to last month's sales, and were only down 4 sales from June 2019 which was 124.

Central Alberta Real Estate Sales Stats - Up To July 2020

Although we had a late start to our spring market, we are now starting to see several properties going into multiple offers, and selling quickly. The average days on market dropped down to only 62 days, which is nearly half the time it was at the beginning of the year! There is currently 5 months worth of inventory in Red Deer opposed to 8.5 months in May. 

The pent up demand for buyers in Central Alberta brought sales back up to normal levels for the month of June. This rebound in the market has definitely been beneficial to both buyers and sellers!

There are more properties coming on the market for buyers to choose from, and there are several more buyer’s out there purchasing, giving sellers a bit more hope than they may have had previously this year.  

There were 629 active properties for sale in Red Deer as of July 1, 2020 which is significantly lower than it was this time last year, at 711.   

Our year to date sales so far this year is sitting at 505, which is still a 22% decrease in sales year over year. With that being said, with this lower amount of inventory, shorter days on market, and sales increasing, prices appear to remain somewhat stable at this point. Although the last two months average sale price had dropped quite a bit, the average sale price for June 2020 compared to June 2019 is only down 2%. 

The majority of the sales were occurring between $200K-$300K, and sales between $300K-$400K were close behind. 

My advice to those that are wishing to sell this year, is to start the process now while we are currently experiencing our “spring bubble”, and before prices could potentially decline a bit further as we lead into the fall winter months. Right now our high volume of buyers and lower inventory is helping prices remain fairly consistent, however if we start to see the pace of inventory exceed the buyer volume leading to a larger gap between supply and demand, that could cause prices to come down.
 

LIME GREEN REALTY HAS STILL HAD GREAT SUCCESS THIS YEAR SO FAR

  • We are currently sitting at 76 active listings for sale in Central Alberta.
  • Lime Green Realty has sold 52 properties so far this year.
  • Our average days on market this year for Red Deer is only at 58 which is nearly HALF THE TIME compared to the boards average of 108 days!