Lime Green Realty's Market Update December 2020
There were a total of 117 sales in November for single family, half duplex, townhouse and condo properties in Red Deer, which is actually a 23% INCREASE in sales year over year for the month of November 2020, which were at 90 in 2019!
This is also the most units sold in a November since 2013!
Year to date sales for 2020 are at 1173 compared to 2019 which were 1181. So we have seen less than 1% decrease in sales for Red Deer year over year.
The number of active and conditional listings at the end of November for Red Deer was at 492 which has dropped substantially from 583 last month. This time last year we had 561 active properties, so we are down 12% in inventory.
Seeing a decrease in inventory is very typical in November, however the increase in sales is certainly ending this year on a positive note!
The average days on market in Red Deer is at 76 days, and properties are still selling on average 3% below asking price.
There is 4.5 months worth of inventory on the market, however if we can see sales maintain at this same pace, we could have a strong start to 2021!
With these factors in mind, if you are looking to purchase, it is still an excellent time to buy, with interest rates lower than they have been in years, and government programs implemented to help first time home buyers finance a property.
If you are looking to sell within the next year, in this market there is never really a "perfect" time to list your property. It does not appear that sales or prices will increase much in the near future, so if you know you're wanting to sell but have been putting it off due to unfavorable market conditions, now is your time to act! With low inventory, low interest rates, a surging demand like we are currently witnessing, and uncertainty about the future of the market due to the lingering pandemic, this moment presents a perfect opportunity for you to sell.
Contact us if you are thinking of making a move and we would be happy to provide you a free current market assessment!