Agents hoping for rebound

by Justin da Rosa13 Apr 2016
Conditions may be perfect to spur buyers in this one hard-hit province.

With a bevy of unsold units on the market, agents in Red Deer are hopeful potential homebuyers will realize now is a good time to buy.

“In spite of lower sales and higher inventories, the market is just into buyer's territory,” RE/MAX Real Estate Central Alberta, wrote in its Red Deer Market Update, which was obtained by REP. There haven't been many times in the past few years where the buyer has had the advantage and with the extra punch provided by low interest rates along with more choices, it truly is a great time to buy.”

Current listings available in Red Deer were 646 at the beginning of the month, up from 602 in March. The city had a total of 121 sales last month. Sales figures for April are not yet available.

However, RE/MAX says sales are off to a solid start.

“Red Deer sales in March didn't keep pace with last year, but were up from February and, April sales are off to a good start,” it said. “As usual at this time of year, the number of active listings is up from last month.”

The current sales to listing ratio is 19.4%, according to the Realtor, which represents a buyer’s market.

“No one can predict where the bottom of a price cycle is exactly, but some firming of oil prices recently could be an indication that the bottom is not far off,” the agency said. “Smart buyers move when others are still trying to decide what to do.”

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