September sales in Rocky recovered from a slower August and were back at an average pace for 2016. The number of active listings is about 25% higher than a year ago which helps to explain the market advantage to buyers. There is no doubt that the Rocky market has been affected by the energy industry slow down with large declines in year over year sales for the past 2 years.
As expected, all the activity in the Rocky market last month was in the lower price ranges. The ratio of demand to supply is closet in the $350,000 – $400,000 price range where, strangely enough, the number of active listings has been falling for the last 4 months.
There are positive signs for energy prices in the months to come. OPEC has finally made an effort to work to manage oil supply suggesting that higher prices may be in the future. Oil prices over the $50US mark would definitely help some of our struggling oil companies while bolstering consumer confidence. Recent activity in the central Alberta real estate market seems to support that idea.
Sylvan Lake – Sales in Sylvan Lake in September kept pace with July and August’s, a sign that there is optimism in the residential market. The number of active listings dropped which typically happens in September as vacation properties come off the market for the winter. The number of active listings is slightly lower than it was a year ago, a sign that inventories are holding steady.
Year to date sales in Sylvan Lake are down almost 28% when compared with the same time last year. That is the highest percentage drop in the central Alberta markets we serve. Part of the reason may be