Real Estate inventory or (M.O.I.) rate could be the most important real estate data to impact your real estate buying and selling decisions… and it’s important to understand why.
SUMMARY!
Sales are up enough over the last 2 months throughout Central Alberta to put every community into seller’s market status. Sales aren’t extraordinarily high but the number of homes for sale is low. It’s an opportune time to sell especially if you plan to buy a more expensive home. Low inventory levels will nudge prices upward and we may not see better inventory levels in the near future. If you wait to sell and prices increase 5% your $300,000 home will be worth $315,000 ($15,000 higher), but the $450,000 home you plan to buy will have increase by $22,500.
NOTE!
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To encourage normal growth we need months of inventory or M.O.I. rates below the 5-month range. Scroll down for this month’s inventory rates through Central Alberta.
When buying or selling property take into consideration the local inventory stats. It’s the most important real estate news especially if you’re planning to sell your home. When months of inventory levels are high prices stay flat or decrease. When inventory levels are low homes will sell faster and prices will increase.
(Seller’s market) with an inventory rate below 3.9 months-of-inventory
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(Balanced market) with inventory between 3.9-4.3 months-of-inventory
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(Buyers market) level A (4.3 – 5.9 months of inventory)
(Buyer market) level B (6 – 7.2 m.o.i.)
(Buyers market) extreme (7.3+ m.o.i.)
Below are “single-family detached” for sale inventory levels in Red Deer and towns throughout Central Alberta. The “average # of homes selling ea. month” is calculated using the last 60-day sales.
Red Deer, AB (inventory of detached homes)
| Date 2023 | Jan 2 | Feb 1 | Mar 2 | Apr 1 | ||||||||
| properties currently for sale | 139 | 149 | 145 | 173 | ||||||||
| avg # of homes selling ea. month | 47 | 44 | 58.5 | 79 | ||||||||
| M.O.I. in Red Deer | 2.4 | 3.4 | 2.5 | 2.2 |
Red Deer, Ab (for sale inventory overall)
| Date 2023 | Jan 2 | Feb 1 | Mar 2 | Apr 1 | ||||||||
| properties currently for sale | 249 | 270 | ||||||||||
| avg # of homes selling ea. month | 99.5 | 130 | ||||||||||
| M.O.I. in Red Deer | 2.5 | 2.1 |
(SELLER’S MARKET) with an inventory rate below 3.9 months!
Sales increase more substantially than the number of homes for sale.
Sylvan Lake, AB (inventory of detached homes)
| Date 2023 | Jan 2 | Feb 1 | Mar 2 | Apr 1 | ||||||||
| properties currently for sale | 32 | 30 | 37 | 49 | ||||||||
| avg # of homes selling ea. month | 13.5 | 10.5 | 14 | 20.5 | ||||||||
| M.O.I. in Red Deer | 2.4 | 2.9 | 2.6 | 2.4 |
(SELLER’S MARKET) with an inventory rate below 3.9 months!
Very low homes for sale inventory in Sylvan Lake still.
Penhold/Springbrook, Ab (inventory of detached homes)
| Date 2023 | Jan 2 | Feb 1 | Mar 2 | Apr 1 | ||||||||
| properties currently for sale | 13 | 12 | 7 | 9 | ||||||||
| avg # of homes selling ea. month | 3 | 4.5 | 6.5 | 10 | ||||||||
| M.O.I. in Red Deer | 4.3 | 2.7 | 1 | 0.9 |
SELLER’S MARKET) with an inventory rate below 3.9 months!
Incredibly low inventory levels in Penhold/Springbrook
Blackfalds, AB (inventory of detached homes)
| Date 2023 | Jan 2 | Feb 1 | Mar 2 | Apr 1 | ||||||||
| properties currently for sale | 26 | 27 | 35 | 34 | ||||||||
| avg # of homes selling ea. month | 8.5 | 6 | 7.5 | 18.5 | ||||||||
| M.O.I. in Red Deer | 3.1 | 4.5 | 4.7 | 1.8 |
SELLER’S MARKET) with an inventory rate below 3.9 months!
Sales are up enough in March 2023 to really lower M.O.I. in Blackfalds.
Lacombe, AB (inventory of detached homes)
| Date 2023 | Jan 2 | Feb 1 | Mar 2 | Apr 1 | ||||||||
| properties currently for sale | 19 | 21 | 21 | 24 | ||||||||
| avg # of homes selling ea. month | 10 | 4 | 5.5 | 13.5 | ||||||||
| M.O.I. in Red Deer | 1.9 | 5.3 | 3.8 | 1.8 |
(SELLER’S MARKET) with an inventory rate below 3.9 months!
Sales increase enough in Lacombe, Ab to bring home inventory levels very low.
Innisfail, AB (inventory of detached homes)
| Date 2023 | Jan 2 | Feb 1 | Mar 2 | Apr 1 | ||||||||
| properties currently for sale | 24 | 27 | 23 | 21 | ||||||||
| avg # of homes selling ea. month | 4 | 4.5 | 6 | 8.5 | ||||||||
| M.O.I. in Red Deer | 6 | 6 | 3.8 | 2.5 |
SELLER’S MARKET) with an inventory rate below 3.9 months!
M.O.I.
Rocky Mountain House (inventory of detached homes)
| Date 2023 | Jan 2 | Feb 1 | Mar 2 | Apr 1 | ||||||||
| properties currently for sale | 30 | 34 | 31 | 33 | ||||||||
| avg # of homes selling ea. month | 2 | 2.5 | 2.5 | 7.5 | ||||||||
| M.O.I. in Red Deer | 15 | 13.6 | 12.4 | 4.4 |
SELLER’S MARKET) with an inventory rate below 3.9 months!
Inventory has normalized in Rocky Mountain House, Ab. Nice to see sales up a bit there.
Ponoka, AB (inventory of detached homes)
| Date 2023 | Jan 2 | Feb 1 | Mar 2 | Apr 1 | ||||||||
| properties currently for sale | 14 | 20 | 21 | 20 | ||||||||
| avg # of homes selling ea. month | 4.5 | 4.5 | 6 | 7 | ||||||||
| M.O.I. in Red Deer | 3.1 | 4.4 | 3.5 | 2.9 |
SELLER’S MARKET) with an inventory rate below 3.9 months!
Homes for sale inventory decreases in Ponoka at the end of March.
Stettler, AB (inventory of detached homes)
| Date 2023 | Jan 2 | Feb 1 | Mar 2 | Apr 1 | ||||||||
| properties currently for sale | 20 | 18 | 20 | 21 | ||||||||
| avg # of homes selling ea. month | 3 | 2 | 5.5 | 10 | ||||||||
| M.O.I. in Red Deer | 6.7 | 9 | 3.6 | 2.1 |
SELLER’S MARKET) with an inventory rate below 3.9 months!
Sales are up enough in March 2023 to really lower M.O.I. in Stettler, Ab.
Even with high inventory, homes still sell, but the price is key **list slightly too high and your property will sit indefinitely if home prices aren’t increasing. Allowing your home to sit ‘for sale’ for months will affect its value now and down the road.
I host iOnRealEstate.ca for Central Albertan’s wanting to keep in-the-know regarding the local real estate market. More information contributes to better decisions and with an asset as great as your home it’s important to do your best!
Blake King
Big Earth Realty
(403) 350-7672
