Scott Key

Well another month has past so I thought I would give you some numbers to compare to June of last year.

Sales slowed this June compared to last year in Red Deer and surrounding area. In Red Deer there were 133  MLS sales reported to the Central Alberta Real Estate Board compared to 213 for the same month  last year, about a 38% decrease. Penhold recored 2 MLS sales compared with 4 last year, and Blackfalds reported 5 MLS sales, down from 11 in June of 2009. Springbrook showed a slight improvement with 5 MLS sales in June compared with 3 in June of 2010.

What does this mean ? Well we are still going through a market correction this year with tighter lending then in years past and slightly higher interest rates.This added to the fact that many first time buyers jumped into the market last year when rates were rock bottom. So without as many first time buyers in the market this year and high inventory levels we are seeing many properties sitting on the market longer and some continued pressure on prices.

So for buyers this is presenting some great opportunities with lots of selection,great prices, and some pretty low interest rates.

For those of you looking to upgrade this is a prime time for the same reasons. You just need to be realistic about your list price and you will sell. You may take a little less than in years past but you will also pay less on your next home, and when you are upgrading this will work in your favor.