Region remains buyers’ market

By Harley Richards - Red Deer AdvocatePublished: October 03, 2008 7:49 AM

The Red Deer region remains a buyers’ market, says the president of the Central Alberta Realtors Association.
Plenty of listings, stable prices and steady mortgage rates has created a situation that’s “about as good as it gets” for home shoppers, said Randy Weins in a news release issued by the association on Thursday.
Weins’ assessment was based on Multiple Listing Service statistics for the third quarter of 2008.
It indicated that 400 single-family homes were sold in Red Deer from July to September, up from 344 during the same period in 2007.
The median price of those 400 homes was $324,000, down from $330,000 for the corresponding quarter last year.
In the case of townhomes, there were 76 sales with a median price of $233,000 during the past quarter in Red Deer.
That compares with 52 deals and a mid-point price of $239,000 for the July-to-September period of 2007.
In the case of half-duplexes, 55 sales with a median price of $266,000 were recorded in the most recent quarter. During the corresponding period in 2007, the figures were 53 and $275,000.
The news release said that Weins considers single-family sales to be the market benchmark.
Elsewhere in the region, the Central Alberta Realtors Association recorded 90 single-family home sales in Sylvan Lake during the third quarter, with the median price of these $325,000. That compares with 85 sales and a median price of $347,000 a year earlier.
In Lacombe, 38 single-family homes were sold, with the median price of these $316,000. That was down from 51 sales for the same period in 2007, when the median price was $307,000.
In Blackfalds, there were 29 single-family homes sold at a median price of $284,000 from July to September.
During those months in 2007, the figures were 31 and $296,000.
The association reported 28 MLS sales of single-family homes in Stettler in the last quarter, with these attracting a median price of $218,000.
The number of sales was unchanged from 2007, but the price a year ago was $236,000.
Ponoka had 25 sales of single-family homes during the past quarter, with $255,000 the median price. A year earlier there were 31 deals in this category, with the median price $243,000.
There were also 25 single-family homes sold in Rocky Mountain House between July 1 and Sept. 30. The median price of these was $290,000.
Last year, Rocky generated 32 sales of this home type, with the median price $291,000.
Innisfail produced 23 single-family sales with a median price of $269,000 during the same period this year. For 2007, the numbers were 33 and $302,000.
Weins suggested that sellers looking to close a deal on apartment condominiums or homes priced in the top 20 per cent of the market are probably having the toughest time.
“If your property is listed in the top end of your competitive price range then you can likely bring out the Christmas tree and put it up,” he said.
The inventory of homes are declining in most communities, added Weins. And he warned that prospective buyers should act before credit tightens and mortgage rates rise.
The Central Alberta Realtors Association has cautioned that general price information can help identify trends and provide comparisons over time, but may not reflect the actual price of a specific home.