Local real estate market making slow recovery

  • Aug. 18, 2010 5:53 p.m.

Officials with the Central Alberta Real Estate Association are saying the market in the area is making a slow recovery from the downturn in the economy.

“But it is moving towards a more stable market,” said Sandi Gouchie, president of the Central Alberta Real Estate Association. “The real estate market typically slows in the summer months however, we didn’t anticipate this level of change. The sluggish market can be attributed to a number of reasons like families going on summer vacation, the unseasonably wet conditions which has left buyers and sellers dealing with the aftermath of flooded basements.”

She added although Central Alberta is still in recovery from the 2009 economic recession, economic experts are forecasting an increased level of activity in the oil patch in the fourth quarter.

“This should result in buyers who have been holding off buying to jump into the market to take advantage of lower interest rates,” said Gouchie. “The plus side of this market is the highly favourable conditions for buyers – potentially the best they will be this year due to the ample number of properties currently listing on MLS.”

The Central Alberta Realtors Association processed 324 sales on its Multiple Listing Service (MLS) in July, a decrease of 36% compared to the 506 sales during the same month last year and a decrease of 8.39% compared to June 2010.

In July, the Central Alberta Realtors Association’s MLS received 17.5% fewer new listings, 1,034 compared to the 1,254 new listings received in June. At month’s end, the total active inventory was 4,845, 22% more than was available in July 2009.

The average sale price for homes in Red Deer increased in July compared to June and also compared to July 2009. The average sale price for homes in rural areas increased in value compared to June, however decreased in value compared to July last year.

Last month the average price for single family detached homes in Red Deer was $372,902, an increase of 4.5% compared to June ($356,647) and an increase of 9.84% compared to $339,495 in July 2009.

The average price of townhouses in Red Deer last month was $239,251, a 12.5% increase compared to June ($212,553) and a 9.87% increase compared to July 2009 when it was $217,768.


Just Posted

Accused Jason Klaus testifies in triple-homicide trial in Red Deer

Klaus charged with three counts of first-degree murder, one count of arson

Red Deer County team honoured for aid in Waterton Fires

Red Deer County Protective Services a huge help to RCMP

Two arrested at Red Deer Rebels hockey game

Red Deer woman charged for allegedly striking police officer

WATCH: Helping those less fortunate at Christmas

Red Deer comes together to spread joy at Christmas Wish Breakfast

WATCH: Red Deerians come together to ‘light the night’

Traditional Red Deer Lights the Night sees thousands

David Cassidy, teen idol and ‘Partridge Family’ star, dies at 67

Cassidy announced earlier this year he had been diagnosed with dementia

Cost to fix Phoenix pay system to surpass $540 million: auditor general

Michael Ferguson’s review hints the entire system should be scrapped

UPDATE: CBS fires Charlie Rose following allegations

Charlie Rose is the latest public figure to be accused with sexual misconduct allegations

LGBTQ advocates want military, RCMP to take part in apology

“These are all the organizations that perpetrated past discrimination against the LGBTQ community.”

Canadians are getting bad advice from the taxman

An auditor has found that Canadians are getting bad advice from the taxman, when they can get through

B.C. mining company stakes claim in Australia

Copper Mountain is set to purchase Cloncurry Copper Project in a $93-million deal.

B.C. reporter reflects on covering Charles Manson

Charles Manson, leader of a murderous cult, died on Sunday at 83

Nebraska approves TransCanada’s Keystone XL pipeline

Nebraska’s Public Service Commission approved TransCanada’s Keystone XL route in a close vote

Most Read