Local home resale market still gaining momentum

Memories of the global economic downturn are probably becoming hazier for Central Alberta Realtors, as the local residential resale market continues to gain momentum.

Memories of the global economic downturn are probably becoming hazier for Central Alberta Realtors, as the local residential resale market continues to gain momentum.

The Central Alberta Realtors Association reports that 247 Red Deer homes were sold through the Multiple Listing Service last month, a 16 per cent increase over the 213 sales in April and an 18 per cent jump from the 210 deals recorded in May 2013.

In the area covered by the association outside Red Deer, the tally last month was 329. That marked an 11 per cent improvement from the April figure of 296, and a 15 per cent increase over the May 2013 total of 286.

Last month, the association said the April 2014 sales total for Central Alberta was the highest ever for an April, and the third highest monthly total ever.

The average selling price in Red Deer in May was $332,912, as compared with $349,201 in April and $334,912 a year ago. Outside the city, the average was $271,469 — down from $283,996 in April and $282,410 last May.

Average prices may not provide a good indication of market trends, because the types and locations of properties sold vary from period to period.

Five months into 2014, MLS records indicated that 849 homes had been sold in Red Deer and 1,158 in the surrounding region.

Those totals were up seven per cent and 17 per cent respectively from the January-to-May 2013 totals of 792 in the city and 988 outside.

There were 344 Red Deer residential listings processed through the MLS system last month, as compared with 301 in May 2013 and 307 in April 2014.

Outside the city, new listings last month totalled 640 — an increase from 627 a year ago and 576 this April.

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