Red Deer Real Estate in May
The Red Deer real estate market recorded a decline in inventory during the month of May, with fewer new listings coming to market than the month before and a recorded increase in sales.
262 Red Deer homes for sale were new to the market in May, a 3.7% decline from new listings in April, and 12.1% fewer than properties entering the Red Deer real estate market during May of 2010. Sales recorded at 172, 39.8% above April results and a 13.9% increase over sales at this same time last year. Prices continued the downward trend. The median sale price of $282,500 was 1.9% below April’s median and 3.9% lower than the median selling price in May 2010. Average days on market dropped to 44 and Sellers realized 97.3% of their asking price at time of sale.
Red Deer County recorded 10 acreage properties as unconditionally sold during May this year. 5 properties had 1 or 2 acres and sold for a median price of $520,000. These properties were in subdivisions on the edge of cities or towns. Average days to sell were 95. 3 Properties offering an average of 5 acres of land each had conditions removed in May, with a median selling price of $272,900. 2 Listings were valued for the size of the lot offered, while the one that sold for over $500,000 offered a better home in excellent conditions as well as 5 acres of land. 2 properties sold with greater than 15 acres of land. One sold for just under $300,000 and the focus was on the 18 acres it offered, while the other property, with 26 acres of land and considered an equestrian facility and revenue generating property sold for just under $600,000.
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