Looking at the Current Real Estate Market in Irricana and Beiseker
Irricana
*With real time information from the MLS® as of June 28, 2011
We have 32 active listings in Irricana at the moment.
The market slowed right down in May and June of this year with no sales since April 15. We are still slightly ahead of 2010 with 12 sales in total since the beginning of the year (2010 had 10 sales between January 1 and June 28).
Of the 32 active listings, the list prices range from $89,900 to $349,900 and we have progressed into even more of a buyer’s market since my last report with almost 2 years supply of inventory on the MLS® at the present time (based on last years sales of 17 homes in total sold in 2010).
The chart below shows us the average list price of all active listings (red), all sold listings (green) and the average sold price (blue).
Average list price of the active and pending listings has increased since my last report from $253,844 to $254,190 for an average 3 bedroom, 1 bathroom, 1200 sq.ft. single family home.
Of the 12 sold properties, the average list price remains at $235,133 and the average sold price remains at $221,191, with time from listing to sale remaining at 87 days on market.
However the averages are still down from 2010, when the average list price of properties sold was $240,623 and average sold price was $229,347.
The ratio of sale price to list price remains consistent with an average home selling for 93% of list price.
The average list price for properties that sell is about $20,000 below the average list price for active properties, indicating that in general homes are overpriced for the market in Irricana. With 32 active listings in the town and no sales for over 2 months in town, this demonstrates how important it is to price property correctly in order to get a sale.
Beiseker
*With real time information from the MLS® as of June 28, 2011
In Beiseker there are 9 active listings at the moment.
Of the 9 listings, the list prices range from $129,900 to $549,000.
9 properties have sold in the town so far this year, up from 5 sales by this time in 2010.
However, we still remain in a buyers’ market with almost 6 months supply of inventory on the MLS®
The chart below shows us the average list price of all active listings (red), all sold listings (green) and the average sold price (blue).
Average list price of the active listings has increased drastically from $200,536 is $275,166 for an average 3 bedroom, 1 bathroom single family home of approximately 1,380 sq.ft..
Of the 9 sold properties, the average list price was $158,666 and the average sold price was $150,655, after 112 days on market.
The ratio of sale price to list price has increased with an average home selling for 94% of list price.
The average list price for properties that sell over $100,000 below the average list price for active properties, however the statistics are skewed somewhat as the active listings include an in-town acreage priced at $549,000. However most of the properties on the market are priced at $239,900 and above which is still well above what the average home should list for.
Once again this demonstrates how important it is to price property correctly in order to get a sale.
Conclusion
Comparing the statistics for both towns at the moment, Beiseker’s real estate market appears to be a lot more healthy for sellers as there are less competing listings in the town and sales have been steady, though there are still only a few. Irricana, on the otherhand has over 3 times as many listings as Beiseker, and has only had 3 more sales so far this year, with no sales whatsoever since April 15. For buyers there is more to choose from in Irricana and one advantage to Irricana is that it is situated closer to Airdrie and Calgary. Generally, prices are about the same in each town, however at the moment Beiseker is on average more expensive.
If you are a seller looking to sell in either Beiseker or Irricana, it is important to price correctly in order to sell. Whilst it is important to be competively priced within what is on the market, sellers need to be aware as to exactly what has sold in their market and for what for. Historical sales figures will give you a better idea of what your house will sell for and a good REALTOR® can assist you with this.
For buyers, particularly for first time buyers, both Beiseker and Irricana still offer affordability and with 41 listings between the two towns at the present time there is a lot of great choice.
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