Sales down, but market strong

Central Alberta’s real estate market continues to outperform the rest of the province.

Central Alberta’s real estate market continues to outperform the rest of the province.

Statistics released by the Central Alberta Realtors Association on Tuesday showed a decline in most major categories for local home sales for the month of July, year over year.

However, July 2014 was a record breaking month in the region, and the numbers in Central Alberta remain strong, says a real estate association news release.

There were 509 residential units reported sold through the MLS System of the Central Alberta Realtors Association in July 2015.

This was a decline of 12.5 per cent from record-breaking July 2014 year, but sales in July 2015 marked just the third time ever that activity has topped the 500 mark for that month.

Sales activity in all of Alberta fell 14.7 per cent from July 2014, and was running in line with the five- and 10-year averages for the month.

New residential listings on MLS numbered 858 in July, down 7.9 per cent from July 2014. There were 2,955 active residential listings on the system at the end of July, down 5.4 per cent from levels at the end of July 2014.

As well, there were 5.8 months of inventory at the end of July 2015, up slightly from 5.4 months reported at the end of July 2014 but below the long-run average for this time of year.

The number of months of inventory is the number of months it would take to sell existing inventories at the current rate of sales activity.

The dollar value of all local home sales in July 2015 was $163.1 million, falling 7.9 per cent from the record July in 2014.

This was still the second best dollar volume ever for the month of July. The dollar value of home sales in all of Alberta declined 14.9 per cent from July 2014.

Sales of all types of properties totalled 529 units in July, down 13 per cent from July 2014. The total value of all property sales was $173.3 million in July, down 10.1 per cent on a year-over-year basis.

The Central Alberta Realtors Association is an MLS listing co-operative, representing more than 560 Realtors in Red Deer and throughout Central Alberta.

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