The Realtors Association of Alberta has seen less Real Estate activity with a drop in the number of overall sales from 440 sales for the first nine months in 2014 to 323 for the first nine months in 2015. This includes Drumheller, Hanna, County of Newell and areas covered by board members. Real estate has slowed in response to the low oil prices and a downturn in Alberta oil and gas industry. The average sale for a pre-owned single family home average 257,000 which is a 6.3% drop in average sale price for 2014.
Alberta farmland values increased an average of 8.8% in 2014, following gains of 12.9% in 2013 and 13.3% in 2012. Values in the province have continued to climb since 1993.In southern Alberta, demand for irrigated land remained strong, especially from specialty crop producers looking to expand contracts. Traditional crop producers sought to purchase irrigated land due to the higher commodity prices seen in the first half of 2014. Dry land producers also contributed to a steady demand for farmland due to higher commodity prices and general optimism in the area.Strong beef prices have increased the demand for pasture in the more
traditional beef areas throughout the province. This was especially prevalent in the central to northern east portions of the province.
The first three months of 2015 there have been 20 single family home sales with an overall overage of $274,150. This is up 5.3% from this time last year. There are a total of 54 houses on the market. Average days on market for 2015 has been 71 days. With oil prices around $50 dollars per barrel we may see a softening of the market in the Brooks area.
Brooks had 173 sales with an average price of $271,290. This is an increase from the 125 sales with an average price of $263,059 in 2013. The average days on market was 88 days which falls in the 30-90 days time frame of a healthy real estate market. At year end there were 34 houses on the market for sale which is lower than the typical 50-70 houses indicating a short supply. Townhouse/condo sales average $179,255 with 20 sales and mobile homes average $67,645 with 32 sales. Information was provided by the Realtors Association of South Central Alberta.
So far in 2014 there have been 143 houses sold with an average price of $274,070 which is 2% higher than the same period in 2013. We have seen significantly more real estate activity so far in 2014 than we saw in 2013. This time last there were 99 sales which is a significant increase in activity. This is a good indicator of a strengthening market. The average time on the market for homes sold was 89 days.
Alberta farmland values increased an average of 12.9% in 2013, following gains of 13.3% in 2012 and 8.7% in 2011. Much of this increase occurred in the first half of the year. Values have continued to rise in the province since 1993. The strong agricultural commodity prices in the first half of the year along with increased oilfield activity spurred confidence in the economy. Land prices either increased or remained steady throughout most of the province. Location and availability were the main price drivers. Competition for land caused prices to increase along the Highway 2 corridor, particularly for agricultural holdings. This reflected continued optimism in agriculture. Southern Alberta continued to see high demand for irrigated land from specialty crop producers looking to secure contracts and traditional crop producers seeking irrigated land for production. Demand from producers looking to expand their land bases toincrease efficiencies also drove up farmland values
In the past three months the City of Brooks has seen 30 sales, 23 of which were re-sold homes. The average sale price of these re-sold homes was $260,345 which is very similar to the average of $265,785 from the 28 homes sold at this time last year. The market in Brooks does appear to be fairly stable. There are presently 60 single family homes for sale in Brooks and there is an average of 8 homes sold per month indicating a 7.5 months supply. The average days on the market for the homes sold so far this year is 115 days.
Alberta had a total of 15,193 housing starts in 2012 and 16,308 housing starts in 2013. An increase of 7 percent. Other dwellings not considered single family detached dwellings had a total of 15,413 new builds in 2012 and 16,685 in 2013. This is an acreage of 8 percent.
The City of Brooks resale housing market included a total of 151 sales. There were 125 sales of houses with average sale price was $263,058 which mirrors a similar average sale price last year $260,020. This is an indicator of a fairly stable market. 18 condominium properties sold for an average of 186,028 and 8 half duplexes sold at an average price of $196,375. The average price of 30 manufactured homes on rented lots in mobile home parks was $52,737. Average days on market was 83 days in 2013 . At present Brooks had 42 single family detached homes for sale. Information on this update has come from the Realtors association of South Central Alberta.
Below is a historic chart of the close price to list Ratio for Mobile, Condominiums and Single family homes in the City of Brooks. A high sale price to list ratio indicates a strong demand. In a sellers market you will see a very high percentage. The results were calculated from 568 listings. This is a fairly small pool of listings and a few that were listed too high and had a significant disparity between asking and selling price could significantly alter the chart results.