This snapshot of Red Deer’s real estate market is prepared each month to give everyone interested a quick look at where things sit in our local real estate market.
At the top of the page, I post the days-on-market for the differing types of property for sale. This month D.O.M. (days-on-market) for detached properties dropped from 58 days to 38 days. Semi-detached properties improved by 19 days to an average of only 29 days on market. Townhomes and apartment units also saw fewer days on market this past month.
Average home price
Below the D.O.M. I take a look at the average sale price locally. The 4-month running average is first and the image beside it charts the 12-month average trend. You’ll see the 12-month average price trend shows a dip the last two months and that’s because the November and January averages were lower.
Local inventory rate
Inventory rate is likely the most important stat a person buying or selling should be aware of and understand. Right now in Red Deer and Central Alberta, we have a very low inventory rate because more homes are leaving the market (selling) than the number entering the market (listings). This makes it a very good time to sell.
And below our inventory level is how many homes have sold the last month and how it compares to the same month a year earlier. You’ll see that home sales in February 2022 were 12% higher than in February 2021. 12% is a nice improvement but look at how much higher sales or for all properties other than detached homes. 77% higher in February than they were last year?
Check-in at www.iOnRealEstate.ca each month for up-to-date real estate news, stats, and information specific to Red Deer, Alberta. Central Alberta Realtor®/Broker Blake King with Big Earth Realty hosts iOnRealEstate.ca because everyone needs up-to-date information to make informed decisions when buying or selling property.