Prices are up, sales are down a bit, and inventory remains low.
Homes-for-sale inventory in Red Deer increased a little more in August but we are still experiencing a seller’s market for now. Coasting into the fall though, with another interest rate increase on the horizon, we might see a balanced market shortly.
The inventory of homes for sale in Red Deer is now at 2.9 months for detached homes and 2.9 months for other properties. Homes other than detached are selling better than normal and it’s likely due to interest rates increasing and everyone qualifying for a lower mortgage now.
We’ve been lucky in Central Alberta with only moderate price increases compared to other parts of the country. And, as inventory increases we should see home prices relax more. Overall the average home price increased only 0.2% in August.
The number of detached homes sold dipped a bit in August but it’s been a rollercoaster ride the last couple of months. 104 detached homes were sold in Red Deer in August and that is 11% lower than August 2021.
At the top of the graphic above you can see that the number of days-on-market increased in each category this past month. It’s taking a little longer to sell as the market cools.
Check-in each month at www.iOnRealEstate.ca for local news, stats, information.