Real estate demand recovers

Residential sales in Central Alberta last month may have lagged behind activity in the boom years of 2005 to 2007 — but that’s it.

Residential sales in Central Alberta last month may have lagged behind activity in the boom years of 2005 to 2007 — but that’s it.

The 258 Multiple Listing Service deals closed in November marked the fourth highest tally ever for that month, and a 36 per cent improvement on the 190 homes sold during the same period in 2008.

“The large year-over-year gain underscores the extent to which demand has recovered from one year ago, when news of the global financial crisis hammered consumer confidence,” said Derek Austin, president of the Central Alberta Realtors Association, in a news release.

Last month’s residential sales included 114 in Red Deer and 144 in the surrounding area, as compared with 85 in the city and 105 outside one year ago.

The average selling price this November was $292,000 in Red Deer and $223,600 elsewhere. In 2008, the corresponding figures were $293,800 and $254,700.

The Central Alberta Realtors Association noted that 505 new MLS residential listings came onto the market last month — the first year-over-year increase in almost a year.

However, the 2,085 active residential listings as of the end of November represents an eight per cent decrease from the 2,256 active listings of a year ago.

The association has calculated the local inventory of residential properties at 8.1 months, being the length of time it would take for all listed properties to be sold at current sales rates. That compares with an inventory of 17 months last December, which was the peak.

Just Posted

Lacombe council seeking answers about policing cost overruns

Council surprised to find out about $240,000 policing budget shortfall

Red Deer fundraiser to help educate Somali orphans on May 11

The Mother’s Day event is for all ages

Lacombe to join municipal coalition spreading the word about importance of resource industry

Resources Communities of Canada Coalition to represent municipalities connected to resource industry

These blues will get you dancing: The Overdue Blues Band performs in Red Deer Saturday

Calgary’s Brother Ray Lemelin Band is also on Elks Lodge bill

Gardening: Time and effort key to buying garden plants

Greenhouses, garden centers and box stores are set to start selling bedding… Continue reading

Montreal native Nicholas Latifi off to solid start on Formula 2 race circuit

Practice makes perfect for Canadian Nicholas Latifi. The 23-year-old Montreal auto racer… Continue reading

Bruins victory over Leafs ensures an American team will hoist the Stanley Cup

TORONTO — Many NHL players were either not yet born or too… Continue reading

Swole, buzzy, among new words in Merriam-Webster dictionary

BOSTON — Get swole, prepare a bug-out bag, grab a go-cup and… Continue reading

Garner graces cover of People’s annual ‘Beautiful Issue’

NEW YORK — Jennifer Garner graces the front of this year’s “Beautiful… Continue reading

Updated: Joshua Arthur Sanford has been found, says RCMP

37-year-old Ponoka man last seen on Tuesday morning

Inspired by a galaxy far, far away, these ‘Star Wars’ mementos could be yours forever

CHICAGO —The stuff of “Star Wars” —and there is unfortunately no better… Continue reading

Shoppers Drug Mart launches second online medical pot portal in Alberta

TORONTO — Medical cannabis users in Alberta can now get their therapeutic… Continue reading

Most Read