A snapshot of Red Deer’s real estate market

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This most recent infographic of Red Deer’s real estate market is the first in a while to not have changed much.

The inventory of homes for sale in Red Deer has remained at 1.2 months-of-inventory and it’s still affecting all the other local stats.

Most importantly, with inventory being this low prices are continuing to climb. There just aren’t enough homes for sale to satisfy all the buyers.

The number of detached homes sold in April was down 2.3% but I wouldn’t take it as an indicator that buying activity is slowing. I’m pretty certain it has more to do with there being not enough homes for sale.

The number of buyers might gradually slow but if you can believe it many are still applying to get interest rates lower than they’re predicted to be by the end of the year.

With prices climbing we are also seeing more buyers looking at options other than detached homes.

Looking at the 12-month running average chart it looks like the average price of homes dropped but I think that’s due to buyers searching for attached homes more now.

Overall residential homes are 0.8% lower than they were in December but detached residential homes are 2.9% higher than they were then.

Check-in each month to see the market snapshot at www.iOnRealEstate.ca.

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