Red Deer
Between Calgary and Edmonton, Red Deer is the third-largest city of Alberta. It has a diverse and friendly community. It was one of the underdeveloped cities not long ago but thanks to the federal government it has flourished with time. It has a stable real estate market as compared to other cities nearby.
The president of Central Alberta Realtors Association Melbourne said at the start of this year that 2020 is going to be better than the last year. But due to the unexpected turn of events took place due to the COVID-19 affecting the real estate market.
The real estate market in Red Deer continues to rebound. It was like a roller coaster. At the start of the year, it was very steady and optimistic, while due to the pandemic the things took a different turn. There was a slow climb at the start which followed by a sudden doom. Then there was a quick thrilling loop or corkscrew.
Usually, the summer sales are a bit slow in Red Deer. But this June the sales were comparable with last June. There are record-breaking sales in July. This July has seen sales that are higher in the whole year and higher than the sales of last year July. There was an 8% increase in sales while the inventory dropped to 10% from last July. The average number of days of a property in the market was 57, that is just great. There are historically low mortgage rates and of which buyers are taking advantage.
Although there was an increase in sales in the summer still it can not balance the sales from the start of the year. The instability that the real estate market observed at the start of the year due to the COVID-19 has greatly affected the sales. The overall sales of 2020 till now are 13% less than the sales of 2019. Because March to May are usually the busiest months for the market with the highest sales from the rest of the year.
By including all the townhouses, single-family houses, duplex, and apartment-style houses there were 626 listings by September 1. These are less than the august by 7%. There were 133 sales of houses in August in Red Deer, while in the august 2019 the number was 149. Also, the average days for a listing climbed up to 79 days. As demand increases, the supply does not increase at the same pace. This has reduced the pressure of oversupply and helped in adjusting the prices. So, it is hoped that the low supply and high demand will help in adjusting the market in 2020. It is expected that the sale activity will get strong in the last months of the year.
There are four properties as of October 10, for sale in Red Deer. These include two homes and two land spaces. The average asking price of the property is $2,473,700.00. The lowest-priced property is $1,349,900.00 while the highest-paid property is of $5,500,000.00.
