While real estate sales were down in Drumheller in 2015, compared to 2014, it appears that prices are holding their own.
The Realtor’s Association of South Central Alberta reported on the year that passed. In Drumheller, house prices actually rose 0.4% to $244,428.00 with 98 sales, compared to 124 sales in 2014, averaging $244,300. There are 59 houses on the market presently. Drumheller had 16 sales over $350,000 and 2 sales over $500,000.
“I believe that the Drumheller residential real estate market is weathering the change in provincial and federal economics largely due to its diversity,” Drumheller’s Board of Director, Karen Bertamini. “The proof is in the stats for Drumheller’s house prices which actually rose in 2015 In part due to Drumheller’s numerous and diverse economic drivers, we are a stable community and it is a good time to buy.”
Ian Cassels, realtor for Re/Max in Drumheller also believes that Drumheller is a vibrant community.
“Drumheller doesn’t quite have the booms and the busts like other communities,” said Cassels. “We are kind of out of the way, and still a very vibrant community. We have the penitentiary, we have the museum and all the banks in town, and schools. We have a very good base.”
He said that the market was pretty strong most of the year, however he noticed it slow down towards September.
While it appears prices have remained strong, he says it has been more of buyer’s market in the lower priced inventory, such as starter homes.
“The upper-end houses are holding their own,” he said.
Home-Town Realty owner/ broker Kelly Boyko says there is still confidence it the market.
“November and December were a little slow, but it’s picking up in January,” he said. “Overall last year it wasn’t too bad, and hopefully this year is better.”
Boyko says inventory is little bit lower compared to most years. It is not uncommon to see in the area 100 houses on the market at any given time.
“There doesn’t seem to be as many buyers, but when you look at the big scheme of things, there isn’t as many listings as a lot of times. Usually when spring gets here there is usually a few more listings and more buyers.”
Interest rates for mortgages are at all time lows, at present, so buying that first house or upgrading to something larger, is easier than ever. Figures quoted are averages of all properties sold, and the value of any homeowner’s property can be best evaluated by contacting an experienced, professional REALTOR from one of your local Real Estate offices.
Bob Sheddy, local commercial specialist says while the valley, like much of the province is feeling pressure from the economic downturn, But there are bright spots.
“We are experiencing an inevitable slowdown in the industrial sector from the oilfield service companies. We are still seeing activity in the industrial park, however the reality is we have seen a number of service companies close their doors in the industrial park as a result of the low mid $30 oil prices,” he said. “Drumheller is not hit as hard as other communities that our brokerage services.”
He adds, on a positive note, in 2015, we had an influx of Retail Businesses in the downtown core, and we continue to talk to new businesses interested in downtown.
