Here is hoping for a wonderful Fall before the snow flies. As always here is your 3rd quarter report for 2019, I hope you find this information useful.
Right now, the Red Deer market has witnessed a slight increase in sales over last year, 3rd ¼ shows total Single family home sales up from 239 last year to 242 sales this year a slight increase but very positive news considering the listing inventory has decreased from last years 3rd ¼ by 12.4 % however this is positive news as it shows the Absorption Rate has increased by 1.22%
In Sylvan lake 2018 3rd ¼ sales were at 54 and this year 63 or a 23.53% increase. The listing inventory has increased about 16.83% from last year as well. Again, this is positive as we are seeing the ratio between sales and listings decrease.
Lacombe’s Market 2018 3rd ¼ sales were at 58 and this year 40 or a 31.03% decrease. The listing inventory has increased 4.49% from last year as well. Lacombe’s market seems to be trending differently this past quarter than the rest of the year.
Blackfalds 3rd ¼ market has slowed down, with a decrease in sales of about 29%. However, the upside is the listing inventory has decreased substantially by roughly 34% over 2018
With Red Deer becoming more affordable I believe that would be customers of the smaller outlying areas are purchasing in Red Deer which could account for the sales numbers shrinking in Lacombe and Blackfalds.
As we move into the 4th ¼, the decrease of listing inventory and increase in absorption rate are signs that the market is slowly shifting back to a Balanced market. We want to see the absorption rate to continue to climb and the Listing inventory continue to decline. I will keep you informed.
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