How Does Our Market Look Going Into 2019
Market Update December 31, 2018
As you can see from my market graph December saw our Red Deer market continue on a downward slope with the sales off almost 30% from last year. In 2017 we had 79 sales in Red Deer compared to 56 this year. The homes on the market decreased from 567 in 2017 to 543 in 2018. That is a slight decease because of the time of the year.
So where is the market going based on inventory and sales in 2018? Every December I get asked what is my opinion of where the real estate market in Red Deer is going in 2019? I track the market monthly with my market graphs as you see above so everyone can see an up to date picture of the market. The market in 2018 was strong for the first 4 months and then was soft for the balance of the year. In 2018 we had sales of 1331 homes vs sales of 1397 homes in 2017. This was a decease of just about 5%. In 2018 we saw an increase in sales in the first four months from sales in 2017 and I estimate we will see the sales drop by about 20% in the first four months of 2019 from last years sales. This decrease in sales I believe will drop off to a smaller percentage after April of 2019. I think the sales will continue to drop slightly for the balance of 2019 because of the uncertainty with two elections this year, with no pipeline agreement on the horizon, questions about mortgage rate increases and the layoffs in the oil sector which will have a multiplier effect for the rest of us in Red Deer.
If you are a buyer be it a first-time buyer or a move up buyer, you may have the opportunity to hit the jack pot this year. Looking for an investment this may be a good time also. With prices softening and rents also doing the same your dollars maybe safer and better off in real estate than the stock market based on what is going on in the world today.
I also see some fundamental changes happening in real estate this year with the Canadian Real Estate Association allowing the real estate boards the ability to disclose sale histories of properties. What is the benefit to you the buyer and seller? More information is always better in my opinion, so you become better educated to the market and make better decisions. With sales information being disclosed on our websites with a history going back a few years you will be able to price your own home as a seller and be able to have a better idea of a purchase price as a buyer. As a real estate agent, you now need me to market your home and do the negotiating. I believe as a buyer or seller in todays market you need an agent who has extensive experience and a digital marketing program to get your home sold.
As a real estate agent, I have many years of experience and I have a digital marketing program that I believe is second to none today. If you have real estate questions or are thinking about buying or selling, I would love to get together over coffee and explain how I am different from other real estate agents. Please google me and read my reviews. My contact number is 403-309-5000 or jmcleod@reddeerrealestate.com.
