September 30, 2016 – Market Update
Sales in Red Deer in September kept pace with July and August’s, demonstrating continuing consumer confidence in the local real estate market. The number of active listings dropped just over 5%. However, the slight increase in sales relative to a drop in the number of active listings pushed the market further into balanced territory.
Sales in September were most active in the $250,000 – $350,000 price range, which coincidentally, is also where there are the most choices for buyers. This appears to be the ideal market for buyers with plenty of choice, very low interest rates and the likelihood that the market is gradually starting to improve.
There are positive signs for energy prices in the months to come. OPEC has finally made an effort to work to manage oil supply suggesting that higher prices may be in the future. Oil prices over the $50US mark would definitely help some of our struggling oil companies while bolstering consumer confidence. Recent activity in the central Alberta real estate market seems to support that idea.
