Rimbey 2020 real estate market remains consistent with 2019 numbers

COVID-19 so far has had little effect on real estate in community

Rimbey’s real estate market appears to have weathered COVID-19, with some metrics showing very little difference between 2019 and 2020.

Bob Tarney, Mr & Mrs Real Estate Inc, owner, said the variance selling price off the listed prices of properties has remained constant at 6 per cent, which is fairly in line with average numbers which Tarney said had typically been between 3.5 and 5 per cent.

“In our experience, we are extremely busy. That is both for listing and selling,” he said

According to Tarney, the Rimbey market has seen a 2020 selling price total is $5, 269, 300 at the average selling price for a property at $239, 514 — which is up from 2019 numbers at the same time which were $3, 586, 300 worth of real estate sold with an average price of $224,142.

“We have an increase of average price of roughly $15,000 but that is not necessarily an indicator of selling price total,” Tarney said.

Currently, there are 26 properties on the market, ranging in price from $120,000 to $674,900.

Tarney said numbers remaining relatively consistent with 2019 levels is indicative of Alberta being fairly successful at containing COVID-19 thus far.

“The real estate indicators to me are that the consumer likes what they are hearing in terms of the provincial news and are going about their business,” he said.

Despite numbers remaining similar year-to-year, Tarney said the market remains in a valley compared to the peak year of 2008

“There are some signs of strengthening of price in smaller market places like Rimbey. Nationally, they are talking about increases in price but they are basing that off larger urban centers,” he said.

To date, there have been 22 properties sold in Rimbey, comprised of 15 bungalows, one bilevel, three condos, two 1.5 stories and a three-level split.

Selling those properties has also required realtors adapting to COVID-19 protocols — which Tarney said essentially meant adding more time to each interaction.

“There needs to be a bit more time setting up showings and in principle, that is because of COVID-19. What I am doing with my clients is asking them to have disposable gloves, masks and hand sanitizer available for the showing. If they are vacant, I have those supplies,” he said.

Provincially, AHS also requires that only two people are allowed to view the home and they are asked to provide information for tracing and other purposes.

“We realtors have a questionnaire that include questions on travel and all the other national and provincial COVID-19 rules,” he said.

Going forward, Tarney expects the market continue on the course it is currently on.

“I am expecting the level of activity to at the very least maintain itself, which at present has been very active,” he said.


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