2022 Summer Market Update, July Edition

July Red Deer real estate update

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.

Red Deer real estate supply & demand

Podcasts featuring Patrick

I've been fortunate to be featured online in a couple of podcasts.  Here are a few links:

  • Podcast C21 Drive Time, by our friends at C21 Drive in Lloydminster.  Talking about some strange, unusual and funny mishaps in real estate.

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!

 

  • Podcast by Alberta-based real estate training company RELO.

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.

  • Podcast, Armchair Sports by local on-air personality Jim Clagett,

Armchair Sports

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.

Real Estate Matters July Edition 2022

Hello,

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.

June-YTD-2022

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.

Red Deer MLS® Listing Activity 2022 YTD

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:

Community sales and Listings MLS® 2022 YTD

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:

  • Blackfalds 199/254
  • Lacombe 173/230
  • Sylvan Lake 331/450
  • Penhold 53/69
  • Innisfail 112/155
Average House Price Comparison (2)

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.

  • Innisfail $337,286
  • Penhold $343,908
  • Lacombe $381,850
  • Blackfalds $395,411
  • Red Deer $395,411
  • Sylvan Lake $425,460

Thank You

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.

Mayor's Recognition

"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.

  • Dennis Bowness
  • Douglas DeWitt
  • Brenda Feser (FAY-ZER)
  • Dick Feser (FAY-ZER)
  • Rick Foret  (FOR-RAY)
  • Patrick Galesloot (GAIL-SLOOT)
  • Terry Hanasyk
  • David Oxley
  • Ted Sherback
  • Joan Skiba
  • Gene Vollmin
  • Garand Jones, and
  • Tony Lam

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.

Pickleball Medal

Patrick Galesloot, Best of Red Deer

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.

Thank You.

Patrick.

Bronze Winner Best Realtor
129 Ladwig Close - Listed with Patrick Galesloot Century 21 Advantage

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.

Ladwig Close

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.

Family Sized Kitchen

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

Backyard at 129 Ladwig Close

See more of 129 Ladwig Close Red Deer, AB here.

This is a Red Deer real estate MLS listing.  MLS#A1213228

37216 C&E Trail # 16 Rural Red Deer County, AB. Profressionally Marketed by Patrick galesloot Century 21 Advantage

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.

16 Mission Hills

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.

River Valley

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.

16 Mission Hills

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.

Kitchen at 16 Mission Hills

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.

Primary Suite at 16 Mision Hills

 

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)

Thinking Of Selling?
May 2022 MLS Listings & Sales

Hello,

 

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.

2022 MLS Property Type Comparison

Should I Buy Red Deer Real Estate Now & Sell Later?

Whether or not now is the right time to buy Red Deer real estate or sell your home is a personal decision based on common market factors and a whole bunch of local, and personal factors.

There is no way that I know how your credit is, income, job status, savings account etc... unless you reveal all.  I do know what the market is doing, and based on what we see I can state that if you were timing the bottom of the market, well, that ship has sailed.

2021 was a rebound and recovery year that homeowners have been hoping for, for a very long time.

Sales volume is one good indicator as to whether or not there is a change in supply & demand.  An increase in demand and overall growth in the number of homes sold is a positive sign that you should consider investing in real estate.

Red Deer real estate market 2021

So, yes, the number of homes sold has turned around dramatically, has that influenced the price at all?  Have prices gone up?  Ar they going to go up?

Red Deer MLS average sale price 2021

Yes, there was significant growth in the average price.  The average price displayed includes ALL residential property types.  Red Deer remains dominant with Houses as the preferred property type.  The price of a house in Red Deer still remains affordable.

In Summary

Red Deer real estate in 2021 finished with:

  • Average house price of $380,345.00 which was 7.7% higher than 2020
  • There was a grand total of 1,899 homes sold in 2021 compared to 1,262 in 2020
  • The inventory level also was higher with 2,957 homes listed for sale in 2021, and in 2020 there was 2,392.

If you're considering a move in 2022 or thinking now is the time to enter the real estate market, the positive dynamic supports those decisions.  If you'd like a consultation to discuss your particular situation, we offer FREE no-obligation consultations and market evaluations for anyone thinking about buying or selling.  feel free to call or text Patrick at (403) 357-9142.