Overall and detached home prices decreased in January 2023
A couple of months ago I changed the chart below to a 36 month so everyone can see where the Red Deer market was and what it’s doing long term. Our local market will probably see some changes in 2023 and it will be interesting to watch.
You can see from the chart below that the most recent numbers have dipped a bit. Home sales are also down over the last few months but inventory levels have remained low.
The table below tracks the average detached home price and the average home prices overall in Red Deer. It includes both the month-to-month average and the 12-month running average both overall and detached homes. You’ll see from month to month, the average price is all over the place. But the 12-month running average gives a better idea of how prices are trending. The chart above is based on the 12-month running average. And because the table below goes back 13 months everyone can compare the most recent average to the same month a year earlier.
If you’d like more data going back further than 13 months call or message Blake King, Broker with Big Earth Realty anytime at (403) 350-7672 or hello@blakeking.ca
| Overall | ooo | Detached | |||
| Month | Average | 12-month avg. | Average | 12-month avg. | |
| Jan 2022 | $313,546 | $335,389 ⬇︎ | $366,410 | $378,197 ⬇︎ | |
| Feb 2022 | $337,430 | $334,116 ⬇︎ | $384,932 | $377,388 ⬇︎ | |
| Mar 2022 | $335,975 | $334,728 ⬆︎ | $393,789 | $378,929 ⬆︎ | |
| Apr 2022 | $348,134 | $335,163 ⬆︎ | $404,061 | $381,081 ⬆︎ | |
| May 2022 | $343,666 | $334,903 ⬇︎ | $396,107 | $381,967 ⬆︎ | |
| June 2022 | $348,628 | $336,720 ⬆︎ | $413,574 | $385,105 ⬆︎ | |
| July 2022 | $343,101 | $336,165 ⬇︎ | $416,991 | $387,061 ⬆︎ | |
| Aug 2022 | $338,850 | $336,747 ⬆︎ | $394,765 | $389,573 ⬆︎ | |
| Sept 2022 | $342,398 | $337,167 ⬆︎ | $408,881 | $392,134⬆︎ | |
| Oct 2022 | $320,941 | $335,725 ⬇︎ | $376,165 | $391,176 ⬇︎ | |
| Nov 2022 | $332,885 | $337,029 ⬆︎ | 385,705 | $393,765 ⬆︎ | |
| Dec 2022 | $301,766 | $333,908 ⬇︎ | $359,519 | $391,742 ⬇︎ | |
| Jan 2023 | $283,526 | $331,407 ⬇︎ | $347,922 | $390,200 ⬇︎ | |
| down 0.7% | down 0.4% |
Overall home prices
Home prices looked to have peeked in the middle of 2022 when inventory levels were their lowest and everyone was looking to buy before interest rates increased more. Prices remained decent through the end of 2022 but dipped substantially in December 2022 and this past month, January 2023. Because of this, the 12-month running average dipped to a level we hadn’t seen since Aug 2021. And we haven’t seen an overall monthly price average below $300,000 since September 2020.
However, I wouldn’t worry about prices too much this early in the year, the low monthly average can be wanky in December and January. We’ll keep a close eye on the next few months.
Detached home prices
A similar dynamic happened with the detached home price average dropping recently.
The monthly price average for detached homes got over $400,000 enough months in 2022 to bring the 12-month running average close to the $400,000 mark. However, with the monthly average in January 2023 reaching a low we haven’t seen since Sept 2020 the 12-month running price average dipped to $390,200.
Again, it’s too early to say what will happen with home prices as interest rates peak, but check back here each month at iOnRealEstate.ca to keep your finger on the pulse.
Hosted by Blake King Realtor® and Big Earth Realty. Blake continually monitors the Red Deer and Central Alberta real estate market to track changes and watch trends so he can help his clients make the most informed decisions, buying or selling. If you want to learn more about how local market stats impact your next real estate transaction call or email Blake anytime at (403) 350-7672 or hello@blakeking.ca
