May sales in Red Deer were very strong, up 22% from April and just slightly below what they were in May of last year. And, the number of active listings actually dropped some from the first of May. The effect of higher sales and a little lower listing count is a market that moved well into balanced territory from a buyer’s market. Sales in May were concentrated in the $250,000 ‐ $500,000 price range showing near normal levels for this time of year. With a sales to listing ratio in the $400,000 to $450,000 range at almost 50%, that part of the market moved well into seller’s market territory.

There is good news for home sellers moving forward. Oil prices climbed over the $50 US mark last week and this week continue to climb. Falling worldwide production combined with higher demand is forecast to push prices higher in coming months. Many economists are suggesting that the Alberta economy is very near bottom and will start to recover going into the second half of the year.

Of course, higher oil prices aren’t necessarily good news for home buyers. Low interest rates and an amply supply of available homes make this a very opportune time for buyers to take advantage of a situation that we don’t normally experience in Alberta, and that likely won’t last ‐ a market where buyers have the advantage.