March numbers are out and they’re taking social media, the newspapers and radio by storm! In Sherwood Park, as an example, we had a 92% absorption rate for single family homes. Meaning, there were 113 active listings and 103 sales. We have only seen a market this strong one other time, going back to May 2006. BUT, there is one BIG difference. In 2006, EVERYTHING was selling at an unprecedented rate. What’s uniquely different today is that while our single family sector is experiencing one of the strongest Seller’s markets on record, the apartment-style condo market is almost the polar opposite. Last month there were 48 apartments for sale in Sherwood Park and only 6 sales. This translates to a 12.5% absorption rate or a very strong Buyer’s market. Also of interest, is that 80% of all searches on Realtor.Ca, for Sherwood Park, were for single family homes and only 5.4% of searches were for apartments.
It would seem that most of the hype, and reporting, is focusing on one segment of the market and it’s important to know that other segments are experiencing a completely different set of circumstances. If you are thinking of buying or selling, it’s critical that you evaluate the data for the specific property segment you’ll be in. Call me, or any member of my team, to discuss your situation and to ensure you have the right information so that you can create the right strategy. We look forward to hearing from you soon!