Detached home sales dipped but attached property sales are still much higher than normal
Up until March this year detached home sales were up 21 of 22 months in a row. That’s a pretty long stretch to see an increase in home sales in any market.
However, the last few months have been a little different with 3 of the last 5 months posting lower sales than the same months last year. Since the first lower sales month in April, sales are down 1.5% (Apr-Aug). 2022 sales overall in are still up 1.8%.
Does the slower sales indicate that the Red Deer real estate market is experiencing a problem. I don’t think so, it’s actually more normal for a market to see varying sales each month than continual increases.
Attached homes – townhomes, apartment condos, semi-detached.
Attached home sale have been much higher this year and it’s likely due to detached homes being more expensive and interest rates being higher. The price range more buyers are fitting into right now is the attached home price range.
For 3 months in 2021 attached homes saw lower sales but the other 9 months were higher. And this year, in 2022, attached home sales have been higher than last year each month. As a matter of fact, attached property sale in Red Deer are 39% higher this year than last.
Overall home sales
I mentioned above that over the last 5 month, April to August, detached home sales were down 1.5%. If home sales were lower overall in Red Deer it might be a concern. However, over the last 5 months, homes sale overall are up 12.9%. And since the start of the year, homes sale overall are up 12%.
Even with a few lower months of detached home sales this year, as of the end of Aug, 164 more homes have been sold in 2022 than 2021.
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 (403) 350-7672 or hello@blakeking.ca