March 30, 2014 – Market Update
Red Deer sales in March were up almost 30% over February while the number of active listings jumped 23%. Because the increase in active listings didn’t keep pace with the increase in sales, the advantage for Sellers is stronger. The tightest markets are $200,000 ‐ $250,000 and $300,000 ‐ $350,000 price ranges. Last month more than 80% of the homes listed in those price ranges sold.
Spring has been reluctant to arrive, but the spring real estate market is definitely here. All the economic indicators ‐ energy prices, population growth, manufacturing growth and oil sands development continue to point to a strong Alberta economy.
When the good weather does arrive, we are likely to see the real estate market ramp up even more.
Alberta’s population reached 4 million last year, an average growth rate of 3.4%, almost three times that of the rest of Canada. That growth creates the need for schools, hospitals, roads and infrastructure. The development of that infrastructure creates jobs and more economic activity. And the cycle continues.
