OCTOBER 2020 MARKET STATS
I’m going to try a new format for these stats, to hopefully shorten your reading time while increasing the quality of info you’re getting. October overall was another positive month in what has been an overall crazy year, with sales again higher than the same time a year ago. Here’s the overall market snapshot for Red Deer:
Sales are up 15 units in October compared to 2019 (or 12.9%)
Active listings are down by 60 units compared to 2019 (or 9%)
Absorption rate sits at 19.2% for October, just on the cusp of the 20% needed to move into a balanced market. This is being heavily affected by the single family home market under 400k.
The high end market was flat again, with 2 sales between 600-700k, and zero sales over 700k.
Single family homes under 300k are in a seller’s market still
Single family homes from 300-400k are in a balanced market
Single family homes from 400-500k were unusually active this month, selling 29% of the inventory and pushing seller’s market territory. This likely won’t continue in November.
Total year to date sales are still down from 2019 by just over 6%, largely due to the massive drop in sales in April and May.
Apartment Condo Stats:
Only 4 apartment condo sales in the whole city in October!
All sales were under $200,000
No sales in 55+ seniors buildings, usually the most active niche of the condo market
Lowest sale was $65,000 and the highest was $175,000
Only 6 total acreage sales in all of Red Deer County
Sale prices ranged from $220,000 to $645,000
Sales for acreages are up YTD by 8% or 11 sales compared to 2019
Average sale prices for acreages are down by 6.2% compared to last year
Of 24 sales in October, 6 were part of a condo
There are 131 active listings currently, 62 of which are part of a condo
Non-condo attached homes sold 26% of the inventory, while condo properties sold 9% of the inventory
Listing prices range from $112,500 to $639,900
Surrounding Community Snapshot:
Current Active Listings – 100
Sales in Oct – 20
Likelihood to Sell – 20% (balanced market)
Current Active Listings – 171
Sales in Oct - 28
Likelihood to Sell – 16.3% (buyer’s market)
Current Active Listings – 30
Sales in Oct – 7
Likelihood to Sell – 23.3% (balanced market)