Red Deer Real Estate in February
Overall sales in February in the Red Deer real estate market grew by 17.0% compared to results reported during January this year, but were below last January sales by 9.6%.
103 Red Deer homes for sale found new owners during February compared to 88 the month before. 37 properties were pending sales at month end. 228 new listings entered the Red Deer real estate market – an increase of 5.1% compared to January, but short of new listings last year at this time by 4.6%. The median sale price of a Red Deer home changing hands during February was $257,900, 8.9% below January. Average days on market for Red Deer real estate trading hands in February was 57.
Both the median and average list price fell below January by 8.6%, indicating Sellers are willing to rethink their asking price to take advantage of Buyer interest. This fact, combined with the Bank of Canada announcement of stable interest rates until summer, should produce sustained activity. It is expected that entry level activity will transfer its effect to upper price levels in the coming months.
Only 1 acreage property sold in Red Deer County during the month of February. This property offered fewer than 2 acres, with focus being a suburban one with each property in the subdivision providing a large yard rather than the privacy afforded through a small farm property. This particular property, offered below $500,000, settled at a considerable discount off the listed price and had been offered for more than 6 months.
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