September 30, 2016 – Market Update
Thu, 06 OctSales 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 that Sylvan Lake has historically been an alternative option to Red Deer when supplies get tight there. In the past several months, there has been ample supply in Red Deer at competitive prices, making the commute to Sylvan as less attractive alternative.
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.