February 1, 2016- Market Update
Market Update- Some central Alberta real estate markets are behaving like we would expect in current economic circumstances and some have surprised us. Past economic downturns have generated markets with slower sales and higher listing inventories. The change in unit sales from 2014 to 2015 was -27% in Sylvan, -36% in Rocky, -25% in Ponoka, -26% in Lacombe, -17% in Red Deer and +1% in Penhold. Those changes take us back to 2012 & 2013 sales levels.
The surprise comes in the number of active listings. Sylvan Lake, Lacombe, Ponoka, Rocky and Penhold listing counts are only slightly higher than last year at this time, while Red Deer and Blackfalds have higher than normal counts, but not high enough to be a large concern at this point. Ultimately the relationship between Supply and Demand determines where prices will go and if the number of active listings remains stable, prices are unlikely to fluctuate much.
Is it a good time to buy or sell? That depends on your individual situation. Every market and every price range inside those markets offer different opportunities. Smart consumers make their buying and selling decisions based on current market information specifically tailored to their situation by their local RE/MAX real estate central alberta office – where you’ll find “local” experts.
