MARKET UPDATE – July 30, 2017
Sales in Red Deer in July fell slightly when compared to June while the number of active listings continued to rise. The market remains in buyer’s territory, while year to date sales are down 14.7% when compared to the same period in 2016.
Some price ranges in the Red Deer market are doing better than others. The supply/demand ratio in the $200,000 to $300,000 price range is close to balance and most advantageous for sellers at the moment. Activity in the $100,000 – $200,000 price range also picked up substantially last month and may be the first sign of a resurgence.
There is good news! The Canadian dollar has gained quite a bit of ground against the US dollar in the past few months and oil prices briefly broke the $50 US barrier this week. The Canadian economy is performing very well and most reports indicate that the Alberta economy has turned the corner. Business optimism is up and the future is definitely looking brighter.
While we don’t expect a quick improvement in the central Alberta market from a seller’s perspective, we do see things gradually picking up moving into next spring. This summer and fall may be the best opportunity buyers will have from a price, choice and interest rate perspective before the advantage starts to turn back to sellers.
