Resale housing market off to fastest start in seven years
Statistics issued by the Central Alberta Realtors Association suggest that the local residential resale market is off to its fastest start in years.
The association reported on Tuesday that January home sales in Red Deer and the surrounding region were the highest for that month in seven years, and the third highest tally ever for a January. The 261 sales processed through the Multiple Listing Service system marked an eight per cent improvement over the same month in 2013.
It was also the 13th consecutive month that sales have exceeded the figure for the same period a year earlier.
The average price of the homes sold in January was $313,550 — a 13.4 per cent improvement from a year ago. However, because average prices include homes of various types, sizes and locations, they may not provide an accurate indication of market trends.
Meanwhile, the inventory of used homes in Red Deer and the rest of the area covered by the Central Alberta Realtors Association continues to decrease. The 2,003 active residential listings in the association’s MLS system as of the end of January was down nine per cent from a year earlier.
Last month, the association processed 565 new listings, which were six per cent fewer than in January 2013. It said the supply of homes available for resale has been in decline since fall.
The Central Alberta Realtors Association represents more than 560 Realtors in the region.