Dale Boddy's Look at the Real Estate Market:
Red Deer January 2002
So good nearly all the houses sold. (That must be why there are practically no houses listed this year.)
I've used the terms "properties" and "houses" in specific ways. "Properties" include every type of home--single family (or detached) homes, duplexes, townhouses, apartment condos, mobile homes, and everything left. "Houses" means single family--detached-home or 1 house on a single lot. To measure total activity, I used two counts. First, local MLS board sales--mostly re-sale or used homes but also some new homes. Second, City of Red Deer building permits issued in 2001. For properties, MLS sales of 1237 and building permits of 914 total 10.5% higher than in 2000. Both MLS sales and city permits were the highest ever. For houses, 863 MLS sales and 724 building permits total 18.3% higher than in 2000, all records. Red Deer is GROWING!
Average MLS prices are up-- 4.2% (to $143,249) for all properties and 1.9% (to $160,990) for houses! Averages are also deceiving. Prices vary-a lot. I think that lower-end properties cost more. Prices for middle range properties are stable, or up slightly. Higher end homes cost less or the same as in 2000. Think of a rubber band with a weight on the end: the middle is steady, the bottom is rising; and the top is contracting. A rubber band is not stable. Prices are changing.
On January 31, 2002 we had only 73% of the houses listed one year earlier, 119 to 162 houses. On February 28 we had 78% of last year's listings. Now, consider January and February 2002 sales; up from those of 2001. Fewer listings and greater demand pull everything on the rubber band up. Other things being equal, prices will increase.
Overall listings are down but higher prices have produced more listings in the $130s and $140s, and considerably more listings in the $150s and $250+. So where are listings going down? Try everything up to $120s, $170s, $180s, and $200-225s.
Want more charts or comments? Contact Dale B: phone 346-6798 @ home, 318-2402 @ cell or 346-0021 @ pager or dale@reddeerproperties.com.
*Members of the Red Deer and District Real Estate Board have supplied the above information. While it is from sources believed reliable, this information should not be relied upon without verification.
Dale Boddy's Real Estate OUTLOOK: Red Deer Current Edition. Dale Boddy's Real Estate OUTLOOK: Red Deer March 2007. Dale Boddy's Real Estate OUTLOOK: Red Deer November 2006. Dale Boddy's Real Estate OUTLOOK: Red Deer 2007. Dale Boddy's Real Estate OUTLOOK: Red Deer 2006. Dale Boddy's Real Estate OUTLOOK: Red Deer 2005. Dale Boddy's Real Estate OUTLOOK: Red Deer 2004. Dale Boddy's Real Estate OUTLOOK: Red Deer; 2003.
