The Drumheller housing market, after falling alongside the rest of country, has finally stabilized. The result may be a market that favours buyers.
Drumheller had roughly 139 active listings between all of the realty agencies at this moment. However, for the sellers, there are considerably fewer buyers.
As a result, prices have fallen drastically compared to the boom seen in 2007.
“It’s all based on supply and demand, so the buyers are in control,” said Nancy Bigelow, with Re/Max.
”Housing prices have definitely dropped since 2006 and 2007,” said Kelly Boyko, of Home-Town Realty. Boyko went on to explain that major developments at that time brought in many people looking for homes.
Over the past several months there are an average of nine sales per month. Houses are, on average for the past three months, on the market 100 days before being sold, though many listings have been for sale much longer. However, winter tends to increase the time it takes to sell.
“If people don’t price them right, they sit and it ends being harmful. People start to wonder if there is something wrong,” said Bigelow. “The best thing is to price them fairly in accordance to the market.”
The good news is that the market has begun to stabilize, and increased by 0.6 per cent in 2011.
“The market is definitely stable and with the weather and spring around the corner it’s going to be a good year,” said Boyko.
Aside from the gloomy global economy, there are a couple local projects that might affect housing prices in favour of sellers.
The planned penitentiary expansion could result in more families moving to Drumheller.
“Any time there are new job opportunities, it impacts the housing and renting markets,” said Boyko.
For buyers, this may be the time to start looking for that new home. Interest rates are low and there are plenty of properties to consider.
“Know what you’re looking for, take your time, and look at more properties,” said Bigelow. “There’s a lot out there.”
For more information about what’s on the market, check out the real estate listings in The Drumheller Mail.
