Lately the average home price each month has been higher than the same month last year – until this month.
We kept a close eye on home prices since COVID-19. The first two months took a hammering but since then they’ve done better. A number of things may have caused prices to recover since the initial downturn and we’re seeing a dip this month but I think we’ll still see some higher prices this year.
Sales are up and that’s keeping months-of-inventory lower than average. With interest rates low and real estate as a “better investment” there’s a chance average price will still improve.
Some increased prices will help our local market because essentially they’ve been stagnant over the last few years. If you’re planning to buy, sooner may be better than later. If you’re planning to sell everything still looks better than 12 months ago. The average home price in Red Deer is doing well still.