January 2023 brings more change into the Red Deer real estate market.
Sales this year have been lagging in comparison to the sales volume we experienced in 2022, and 2021. Definitely influenced by the mortgage rate changes of the past several months. The changes in affordability and budget levels established by mortgage rates have added some uncertainty as buyers adjust.
If you've owned a home for 15 years, or more then you've probably experienced today's 5% interest rate level and felt confident that 5% was a "good" rate. Today it is a game changer for many. Increasing from 2% to 5% has put some plans on hold and established lower purchasing power.
However, January was not ALL bad. It was actually quite strong. To add a little context, January 2022, and 2021 were well above average bench setting high marks for sales volume in January. The 10-year average for Residential Sales Volume is presently 86. So 2023, was "above average".
January is not necessarily reflective of how the rest of the year will unfold. It does tell us what the market is shaping up to look like now though. A 26% decrease in sales volume does make one pause and ponder about what the year will look like.
Sales and listing volume were considerably low at the end of 2022. The listing inventory count declined in November and December, however, bounced back to a certain extent in January. The supply and demand equation is shifting. It is important to have a close look at the pricing and volume for homes like yours, in an area where you live, otherwise, you run the risk of being "for sale" for extended periods of time.
The Red Deer real estate market remains strong and follows a seasonal trend. Despite the increases in interest rates the overall residential real estate sales volume continues to outperform previous years.
I've been fortunate to be featured online in a couple of podcasts. Here are a few links:
This week Ryan reaches out to an old colleague, Patrick Galesloot, a Realtor in Red Deer, Alberta. Industry news is on the menu for conversation, and then Patrick shares some crazy real estate stories!
In episode two of the Hello Relo podcast's Hello Local series John chats with Patrick Galesloot a third-generation real estate professional in Red Deer, Alberta. Patrick works out of the brokerage in Red Deer and comes from a family of realtors. In this episode John and Patrick discuss the ins and outs of real estate in Red Deer, the hidden gems of realty in Red Deer, how Patrick got his start in real estate, and what Patrick thinks it takes to be a successful real estate agent.
It is easily the sport in North America which has seen the most growth in people playing over the past decade or so people of all ages by the way!
Pickleball is a hybrid racquet sport and has been gaining attention right across the country. This August, Red Deer, Alberta will be ground zero as players from east to west will converge on this city of 100 K and spend five days crowning national champions.
Red Deer Pickleball Club member Patrick Galesloot joins me in this episode to talk about the who, what, when, where, why and how this massive effort will be hosted.
If you are interested in volunteering or playing, then head over to reddeerpickleball.com for more information.
Armchair Sports The Podcast is a proud member of the Alberta Podcast Network-locally grown-community supported.
I hope you're having an enjoyable summer. We've certainly had a little bit of everything for the weather again! We haven't seen the volume of rain like we experienced this June for quite some time.
IF you had a wet basement do you have to disclose that? Have to or should you? You have to disclose defects that are hidden & undiscoverable by a reasonable inspection and those that would cost a large expense to remedy (these do not have to be hidden, just expensive). If you had a wet basement because and you called insurance, they sent a contractor to clean up and fixed the cause, it is recommended you disclose the steps taken to reassure buyers that things were done properly. A clean and maintained home with repairs logged and reported will cause fewer issues after the fact compared to "they don't ask, we don't tell".
How's the Market? Are things still crazy with the interest rates? If you have these questions, you're not alone. We get asked these all the time. We're happy to answer how the local market is for your home.
Upon closer look at the Supply & Demand this year, the times are a-changing.
The local real estate market got "HOT" this year. The sales volume increased to its peak in April & May. Followed by an increase in supply, as the seller's answered the call and demand started to subside.
A number of variables influence supply & demand. Weather, the Economy, jobs and the migration of workers to fill those jobs, and interest rates. The interest rates definitely impact buying budgets.
For example, if your monthly mortgage payment budget is $2,000 a 3% mortgage rate would have given you a budget of around $420,000 for a mortgage. Today with rates near 5% that same $2,000 monthly payment affords you a $345,000 mortgage. If you've been on the fence about selling, strike now while the iron is still glowing.
If you're buying, the same is true. qualify NOW and get a rate hold for as long as the bank allows. The above scenario highlights how quickly your buying budget can change. Pricing changes are a reflection of supply & demand which react at a different pace than interest rates.
Each community in Central Alberta has benefited from the improved economy. Reviewing our slides below you'll note some similarities as well as some unique differences. See comparisons below for January 1 - June 30, 2022:
Red Deer led the way with sales and listings as one would expect due to the population size of the community
Red Deer reported 1,183 sales, and 1,652 new listings (1,183/1,652) compared to:
Affordability of housing remains highest in Innisfail with the average house price reported as $337,286.
Meanwhile, Sylvan Lake has the highest average sale price with $425,460 for a home.
I'm very appreciative to receive the Mayor's Recognition Award.
This was for volunteering with our local Pickleball Club. I love playing Pickleball, and being involved was just second nature. I, like my colleagues, was just doing our part. To be recognized at this level is... well a very pleasant surprise. A little shocking, and overwhelming to say the least. Thank You so much.
"The Mayor’s Recognition Awards recognize Red Deer individuals, groups or teams who have brought honour and recognition to Red Deer in one of five categories. Award recipients are selected by the Mayor’s Recognition Awards Committee, with the exception of the Mayor’s Special Award recipient, which is selected by the Mayor." City of Red Deer
The note on the City's website regarding our Pickleball Event... "The Pickleball Canada National Championship 2021"
Hosting a national sporting event is no small feat, but the Red Deer Pickleball Club stepped up in a big way when they hosted the Pickleball Canada National Championships in August 2021. With the newly opened 20-court facility, the Red Deer Pickleball Club welcomed hundreds of players, spectators, officials and volunteers from across the country for a successful event. Earning high praise from attendees, Pickleball Alberta and Pickleball Canada, the event was deemed an overwhelming success. With entertainment, vendors and of course lots of pickleball, there was something for everyone at this event.
I just love playing Pickleball and being involved. When I was asked to help with communications, planning, and volunteering it was a no-brainer for me. I've been a director for a few years at the club (RDPC), a volunteer referee at tournaments, a referee scheduler for tournaments, an on-court MC and match announcer, a meeting coordinator, a meeting host and many other roles. Most of all I like to play. I was lucky to be able to do that as well at Nationals and did pretty well.
Wow, thank you so much, everyone. It was a pleasant surprise to get the call advising me that I had won Bronze in the Red Deer Advocate's Best of Red Deer category for Realtors. Thank you to whoever nominated me first, and all those that followed.
Many of you are aware that we're a family real estate outfit here at Century 21 Advantage. Growing up, my mom (Margaret Anderson) was a Realtor and my stepfather (John Anderson) as well. Not only were they realtors, but like me, they owned the brokerage, and managed the office and other realtors. I'm pleased to deliver the best service I can and that I was recognized for that.
I work daily with my wife De. I also get to work with my son Parker & my daughter Kendra at the office in various capacities. Both the kids work outside the office as well as alongside De & me. This is definitely a team award.
I have to thank the Realtors that I work with here in the office and those that I had the pleasure of working alongside over the last 20 years. I've learned many great habits and traits from those around me. Thank You.
To my past clients, and those that we're currently assisting. Thank You. We're always learning, growing, and doing our best. Thank you.
Check out the digital/online version of the Best of Red Deer by the Red Deer Advocate here.
Welcome to 129 Ladwig Close in Red Deer.
This fine home is ideal for growing a family. It is situated in a small close in Lancaster where the kids could walk to schools such as Mattie McCullough Elementary School or the two high schools, Hunting Hills and Notre Dame. The close is one of those where you can picture kids playing street hockey or learning to ride their bikes with little traffic from neighbours.
Click on the image above and have a look around. Or view the virtual tour below.
Not only is this a great location at 129 Ladwig Close, but it has a family-sized kitchen that is great for entertaining, baking and hosting family socials.
Another great feature is the yard. Whether your babies have two legs or the 4 legged furry kind, the large yard has room to spread out and enjoy. There is a tap with hot/warm water for the slip and slide, or for hosing down the dog/kids when needed
See more of 129 Ladwig Close Red Deer, AB here.
This is a Red Deer real estate MLS listing. MLS#A1213228
Welcome to 16 Mission Hills.
This fantastic family home has 5 bedrooms and 3.5 bathrooms with room to run, grow, play and escape! The home is situated on a grand 4.39 lot located 10 minutes south of Red Deer on the C&E Trail.
The C&E Trail follows the Red Deer River valley as it winds its way south. The area is known for many deer, and the occasional moose meandering through. Not to mention a bird watcher's delight as the skies may reveal a bald eagle or two soaring through the river canyon.
While the home is impressive, many buyers in the area fall in love with the location. The scenic views, the quiet tranquillity of the space, and the ability to get your hands in the dir with a garden or landscaping. Hanging out in the summer evenings with a cozy fire, and watching the sunset is a heartwarming family bonding time.
The main floor has a massive kitchen with a large dining area and a great view to the west. An ideal entertaining location with family and friends. Whether it's for a summer BBQ or a Christmas social, this home has room to gather.
The vaulted ceiling accents the bright west exposure with skylights. The family-sized kitchen has stunning opal stained cabinets with a large island and ample storage.
The main floor also features the primary bedroom suite, which is private and off the large bright living room. The primary suite features a 5 pc ensuite with an oval tub & stand-up shower.
For more photos and to schedule a personalized guided tour, please contact Patrick online here, or give him a call or text at 403-357-9142 (https://patrickgalesloot.com/listing/AB/Rural-Red-Deer-County/16-37216-CE-Trail-16-T4S2C1/157461218)
What a year 2022 has been so far. I want to thank so many of you for reaching out this year to discuss your plans and ask questions about your real estate needs. Whether you plan on buying or selling I enjoy the opportunity to meet with you and discuss how I can help. Whether or not now is the right time for you to sell or buy is a free personalized consultation. If you've been hanging onto a rental property waiting for the market to improve you might be wondering "is now the time to sell?"
We are in a "Sellers" market for some property types and price ranges, while the rest of the market appears to be more balanced. So, contrary to headlines and rumours, not every home is flying off the shelf. Red Deer continues to be Single Family Detached market dominant. The translation: We sell more houses, and houses are the preferred or more popular style of housing. Townhouses, half-duplexes, and apartment condos all have their unique nuances within the market. ALL property types are seeing an improvement over previous years with the improved economy and real estate market.
The robust sales volume we saw in 2021 continues in 2022 and, in some cases, is even stronger. The months of inventory on hand (homes for sale) have decreased from 6 months of inventory in 2020 to 2 months in 2022. This is reflected in the ACTIVE listing numbers. At the end of April 2022, there were 455 active listings compared to 598 in 2020.