Prices are up, sales are down, inventory is climbing and all types of properties are taking longer to sell.
Homes-for-sale inventory in Red Deer increased a little more in Sept but we are still in a seller’s market range for now. Coasting into winter though, with another interest rate increase predicted, we’ll be out of this seller’s market soon.
The inventory of homes for sale in Red Deer is now at 3.2 months for detached homes and 3.3 months for other properties. Last month’s inventory for attached homes was lower than detached. Attached homes are selling better than normal due to interest rates increasing and everyone qualifying a little lower.
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 moderately too. Do give readers an idea of how our local prices have only increased moderately, the average home price increase overall was only 0.9% higher in Sept 2022 than Sept 2021.
The number of detached homes sold dropped substantially in Sept, down 30% over Sept 2021. Detached home sales have been on a rollercoaster ride the last couple of months but we are seeing more lower sales months than higher ones. Attached homes have been selling about 40% higher than last year until this past month when they were only up 4.8%.
Days on market
At the top of the graphic above you can see that the number of days-on-market increased in each category again this past month. It’s taking a little longer to sell as the market cools.
Check in each month at www.iOnRealEstate.ca for Red Deer and Central Alberta real estate news, stats, and information.