May Market Update – Did We Pass The Peak?
Welcome to June 2022!
Sun is shining, it feels like summer is here, and for sale, signs have been popping up as fast as dandelions out there.
May sales volume just squeaked past the high level we saw in April this year. 242 residential sales were reported in May 2022 on our MLS system. For Red Deer real estate this is a strong volume. We anticipate that sales volume would slump more due to the jump in interest rates. Add to that the Stanley Cup battle of Alberta, yes believe it or not very few people were wanting to do much of anything during game time than drink beer, eat chips and yell at the referees.
The number of New Listings on the market rose compared to April as well as last year. Indicating a shift in the supply and demand equation, moving the scales toward a more BALANCED marketplace.
What is the Significance of 242?
Not only is the Red Deer real estate monthly MLS sales volume for May 2022 higher than April this year. It is the 4th highest monthly sales volume of any month since:
- May 2014 - 249 sales reported
- May 2007 - 247 sales reported
- April 2007 245 sales reported
May 2022 reportedly 242 Sales as of June 1 (**note there may be MLS database adjustments of a unit or two).
Have we hit the peak volume for the year? Probably. If you want to sell this summer, it would be my recommendation to fine-tune your value package. Meaning you may need to adjust the price, paint the trim, fertilize the lawn, clean the window etc... In short, improve the bang for the buck for your home. The luxury of testing the waters has started to pass for more price ranges.
Fortunately for you, we have agents that have been working here in Red Deer for over 20 years. They have worked through peaks and valleys with sales volumes, and know how to adjust to meet the current trends. Call us, we have a history in Red Deer as a company (since 1911) longer than any other real estate firm.
CENTURY 21 Advantage
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CENTURY 21 Advantage
4807 50th Avenue, Unit 206, Red Deer, AB T4N4A5
(403) 346-0021
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