October ends but wasn’t a scary finish!

In fact it was another busy month for real estate in Red Deer. It was very similar to October 2006. There was a total of 100 Single family homes sold in October 2007 compared to 101 in 2006. The similarities continued with the average sale price. The average sale price for 2007 single family homes was $338,856 and in 2006 it was $333,138.

Our growth has slowed to a point where we’ve caught up to ourselves. As previously discussed the median sale price has been quite static for 2007 hovering around the $330,000 mark for the better part of the year. The median list price was in fact $329,900 fro October 2007.

Increased competition is still the number one challenge facing sellers today. All challenges have there benefits as we learn in life. The benefit for sellers today in the face of increased competition is selection for moving up. If you’ve resisted the urge to get a larger home or one with the features on your wish list, now is an ideal time to take advantage of the equity you have built up and move up.

What about this trend that we’ve levelled off? Will this continue or have we really entered into a decline. Working in the market day to day there certainly is pressure on price. In future articles we’ll compare properties same style or same home in 2006 vs. 2007.

Your Friend In Real Estate,

Patrick Galesloot

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