Red Deer Real Estate - 2007 A Year In Review

Happy New Year!! This is an exceprt from my e-newsletter which is published every month. If you would like to sign-up, please contact me at susanrochefort@royallepage.ca.

Red Deer's Real Estate market has done it again and made some record breaking milestones for 2007 despite the shift in the market! The rapid increase in prices began to soften in the middle of the year after we had a large amount of new listings come on the market for sale in March ‘07. Although the demand for housing continued to stay strong through out the year, the amount of new listings continued to increase at a quicker pace than the demand, thus shifting Red Deer's market from a sellers market to a much more balanced market. With this change, prices softened and buyers had more to choose from, giving buyers more time to make decisions.

With that said, it was still another busy year for 2007 even though it took many properties longer to sell. There were a total of 2,157 single family, half duplex, townhouse and condo homes sold through the Multiple Listing Service® which is a 12% increase over the 1,929 that were sold in 2006! The record breaking sold price for a resale home was in June '07 with a price of $1,020,000. It took just 20 days to sell the 2,294 sq ft beauty located in Anders on the Lake. (See Page 2 for details of the highest priced houses sold for 2006).

Another new record set in 2007 was the number of houses that sold over half a million dollars. There were 97 homes in 2007 compared to 29 homes in 2006, 6 homes in 2005 and 4 homes in 2004. A strong indication of just how much housing prices have increased over the last 3 years!