May 2019 Market Update

Jim McLeod June 24, 2019

As you can see from the monthly market update graphs, the sales are off about 10% this month in Red Deer and off about 20% in Sylvan Lake. The market this year still seams to be stalled with sales decreasing most months from last year.  Sales in Red Deer Year to Date are down by about 7% while Sylvan Lake’s sales are down about 9%. Inventory levels continue to climb in both markets. There were several homes with their listing time on the market had expired and I anticipate many of these homes will be relisted on MLS in the coming days. Also, this time of the year an increase of homes come on the market as we are in the prime spring selling season.  I consider 4 months of inventory a balanced market. When you are looking at the market graphs, look at the amount of inventory in your price range and divide by the number of sales to give how many months of inventory there is to sell and this number should be considered when you are pricing your home.

I had hoped the provincial election would give us some stimulus in the real estate market, but I have not seen any evidence of that yet. Here’s hoping!

I am not seeing a lot of motivation with buyers right now because there is always more inventory on the market, and they are looking for what they consider a great deal.

For the last few months I have been fine tuning my marketing directly to the buyers and I am seeing more buyers driving the viewings versus the agents — this is improving the number of showings. In todays market as a seller, you cannot just rely on the MLS system. I have found Facebook ads and Google ads really allow me to target select buyers. Yes, they really work! If you are thinking about selling and feel you need something a little extra to get your home sold, please give me a call, text, or email so I can explain what my digital marketing program, Facebook and Google ads can do to give you that extra push you need in todays market.



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