Red Deer, February 19, 2015 – Residential sales reported through the MLS® System of the Central Alberta REALTORS® Association dropped sharply in January 2015.
Home sales numbered 202 units in January, a decline of 22.6 per cent from the same month in 2014. The sharp slowdown from very strong levels just one month earlier closely mirrors activity in the rest of the province, as low oil prices have shaken consumer confidence.
Sales activity in all of Alberta fell 28.2 per cent from January 2014.
New residential listings on the Association’s MLS® System numbered 709 units in January, up 25.5 per cent from levels in January 2014.
There were 2,007 active residential listings on the Association’s MLS® System at the end of January, edging up four units from levels at the end of January 2014.
There were 9.9 months of inventory at the end of January 2015, up from 7.7 months reported at the end of January 2014 and above the long-run average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The dollar value of all home sales in January 2015 was $62.8 million, falling 23.3 per cent from January 2014. The dollar value of home sales in all of Alberta declined 29.4 per cent from January 2014.
Sales of all types of properties totalled 222 units in January. This was down 21.8 per cent compared to January 2014. The total value of all property sales amounted to $75.1 million in January, down 19.6 per cent on a year-over-year basis.
The Central Alberta REALTORS® Association is an MLS® listing co-operative, representing more than 560 REALTORS® located in Red Deer and throughout Central Alberta. Details and photos of all Central Alberta REALTORS® Association listings can be found on the national public web sites www.cara.ca, www.REALTOR.ca (residential properties) and ICX.CA (commercial and investment properties).