Real estate agents in the valley are reporting increasing sales after an extended period of a slower market, as Drumheller’s bloated inventory of houses begin to move.
With over 115 houses currently on the market, Drumheller and area has had a 12-18 month period of slow sales but this past month has seen an increase in sales. While the number of houses for sale is higher than usual, local realtors say it is not a cause for concern.
“It’s turning in the right direction,” says Kelly Boyko of Home-Town Realty, citing reductions in house prices and higher demand from buyers.
“I look back historically and in a lot of markets people think spring and summer is the busiest time, but we’ve had years where February or September have been the highest.”
Century 21’s Stacey Gallagher says house prices have tumbled during the recent slow period to meet buyer’s demands and now prices are more in line with the market.
“Homes which show well and are priced competitively are getting offers and some of them multiple offers,” she says.
Both realtors say buyers are coming from all walks of life and they are not noticing a single trend driving sales, saying they are seeing buyers of their first homes, people looking to upgrade or downsize, people retiring, and new employees in the valley.
“I feel like no other town of our size has the amenities that we have,” says Remax’s Heather VanDyk. She says that in the past 180 days 46 properties were sold, with the highest fetching $505,000.
Both VanDyk and Gallagher says the rental market may also be affecting home sales, with rentals at an all time high with low vacancy.
“We have seen a squeeze in the rental vacancies in the last few months,” Gallagher says.
“When our rental vacancies rates are low and there are less options to choose from to rent then purchasing becomes more attractive.”