April open for business and business was...

Good. Sales were down from record 2007 sales volume, but well above 2006 numbers.

Here at Century 21 Advantage, we led the way with listings sold in Red Deer. Out of the 220 properties sold in April Century 21 Advantage sold 56 which is a little over 25%.

How does this compare to what the market is like or what is every one else doing? Well today we see a total of 785 properties available in the City of Red Deer with 70 of those with conditional offers. That is great selection for buyers, and increased competition for the sellers who are striving to be part of the 220 sold. The number of sales is down from the 242 in April 2007 (-9.09%).

We expect the story of increased selection for buyers to dominate the real estate landscape here in Central Alberta for some time. We are still in a buyers market, and what a buyers market it is. Now is a great time for people to buy. Interest rates have decreased a full point since early March. Oil prices and crop prices are high creating economic conditions favourable to those industries. The products available for buyers 25, 30 and 40 year mortgages are readily available as well as there still are zero down mortgages available through CMHC. The vacancy rate is less than 2.5% in Red Deer which is great for investors.

So if you are buying you can buy with confidence in my opinion. You have the luxury of selection, low borrowing costs, and negotiating power. The sellers should not be in a panic however patience and grounded expectations should be the norm. 2007 sales volume was a record, we may be down but we're far from out.

April Sales volume comparison:

2006: 176 properties

2007: 242 properties

2008: 220 properties

More on the Red Deer Real Estate market please visit www.patrickgalesloot.com or my Red Deer Real Estate Blog