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.

-Fawcett

Just Posted

2019 Canada Winter Games festival headliners announced

Pop singer-songwriter Scott Helman to headline at 2019 Canada Games festival in Red Deer

Woman steals truck from Ponoka gas station while being fueled

Ponoka RCMP pursued and located the woman in a tree after several other incidents

Red Deer rebounding, hosting AUMA convention

Hundreds of municipal officials gather in Red Deer for the AUMA

Celebrate ‘Alberta Culture Days’ here in Red Deer

Lots of family-friendly activities set for this coming weekend

On the run with Melissa Ray

Red Deer runner talks about her intense running experiences

Video: Flyers new mascot ‘Gritty’ a bearded, googly-eyed terror

The Philadelphia Flyers unveiled their new mascot Monday, and as one would expect of the team that gave us the “Broad Street Bullies,” he’s far from cuddly.

Trump boasts of America’s might, gets laugh at UN

President Donald Trump received an unexpected laugh at the United Nations General Assembly on Tuesday.

Federal use of A.I. in visa applications could breach human rights, report says

Impacts of automated decision-making involving immigration applications and how errors and assumptions could lead to “life-and-death ramifications”

Veterans Affairs ordered to take second look before supporting vets’ relatives

Liberal government ordered officials to adopt a more critical eye

Ottawa working to iron out kinks in public alert system

The alerts are being credit with saving lives during last week’s tornadoes

Assault charge withdrawn vs. ex-Jays pitcher Roberto Osuna

Former Toronto player agrees to peace bond

UPDATED: Bill Cosby gets 3-10 years in prison for sexual assault

Judge also declared the disgraced comedian a ‘sexually violent predator’

U.S. worker charged after video shows him spitting on customer’s pizza

Jaylon Kerley of Detroit is charged with a felony count of food law violations

Robbery report at outlet mall turns out to be fake: police

Leduc RCMP respond to weapons complaint at premium outlet collection mall

Most Read