Residential propeties listings and sales in 2015-2016 and 2016-2017. Photo supplied by Re/Max Red Deer

Red Deer residential property sales down in 2017

Good time to buy a house if you can afford it, says one expert

The number of residential properties sold in Red Deer fell by 9.8 per cent in 2017 compared to 2016.

In 2017, 1,389 residential properties were sold, which includes family homes and condos, compared to 1,539 in 2016.

The number of active residential listings Jan. 1 2018 was 512, compared to 282 in 2015 and 443 in 2016 and 2017.

With a higher supply than demand in the Red Deer market, Dale Russell, Re/Max real estate broker, said it’s a good time to buy if you can afford it.

“So supply is higher (than demand) which means prices have dropped,” he said.

He doesn’t expect the market to boom in 2018, but said, the market will be stable in 2018.

“I believe prices have probably hit bottom and I think that we can see a little bit of a better market in 2018 but we are not predicting any booms or any price increases,” said Russell.

With Alberta economy showing positive signs, people are still catching up with their pending bills and credit card payments, he said.

It takes a year or two or even three for the economic turnaround to reflect the real estate market, he said.

Like Russell, Century 21 real estate agent Blake King, is also optimist about the real estate market in 2018.

Single family homes sales were high in two months of 2017 — August and December — compared to 2016.

December 2017 single family home sales were at 65 compared to the same month in 2016 at 50.

“There wasn’t really a pattern (in 2017) however the last month of the year being so high maybe its going to lead to a trend of some sort but there’s no telling,” said King, who has been a real estate agent for the last 10 years in Red Deer.

He attributes the high sales in December to the newly tightened mortgage rules that were coming forward in the new year, and the economy.

“I hate to guess but I would predict we see sales (in 2018) similar or above 2017 numbers,” he said.

Month-to-month comparison of single family homes sales in Red Deer (not including condos and mobile homes)

Jan. 2016: 52

Jan. 2017: 50

Feb. 2016: 75

Feb. 2017: 71

March 2016: 101

March 2017: 76

April 2016: 128

April 2017: 109

May 2016: 156

May 2017: 126

June 2016: 133

June 2017: 121

July 2016: 115

July 2017: 98

August 2016: 98

August 2017: 125

Sept. 2016: 111

Sept. 2017: 109

Oct. 2016: 109

Oct. 2017: 105

Nov. 2016: 94

Nov. 2017: 82

Dec. 2016: 50

Dec. 2017: 65

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Blake King, Century 21 real estate agent in Red Deer, is positive about the real estate market in 2018. Photo supplied

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