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Red Deer Real Estate - August 2009 Market Report

Red Deer real estate sales activity in August fell below July sales numbers.

241 new listings came to market during August, a decline of 13.9% overall, compared to July's 280. Red Deer Home Sales fell from July's 179 recorded MLS results by 8.9%, with 163 homes finding new owners in August. This number was 20.1% below August 2008 sales. The average days on market for those properties changing hands in August was 46. Red Deer's median sale price was $289,900 with an equal number of Red Deer homes selling below and above this figure. This median price was 1.8% higher than in July this year. The average square footage of properties that sold was 1225 and Sellers realized, on average, 97.1% of their asking price.

Higher priced homes are proving to be slower to move in this market while reasonably priced sub-$400K homes are changing hands quite easily. Red Deer has a different economic makeup from Edmonton and Calgary where July and August sales are strong in a very liquid real estate market. Much of the growth Red Deer experienced was tied to investment in oil sector infrastructure which has backed off to more sustainable levels resulting in more stable home prices.

In Anders Park, Inglewood, Lancaster and Vanier Woods, new listings this month totalled 70, 11.1% higher than new listings that came to market in July. 34 homes sold, a decline in sales of 5.6% compared to July sales and 45.2% lower than the 62 sales recorded last August. The median sale price of $310,000 fell below July's median by 3.1% and was 1.6% below the median sale price of last August. Red Deer homes that sold averaged 1265 square feet and Sellers accepted 97.4% of their asking price to complete a deal.

July 2009

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