Home prices in Red Deer remain strong in 2022 even after a few lower than average months.
The lower price average in January caused the 4 and 12-month average to stall but I think it’s only a blip.
The monthly averages in November 2021 and January 2022 were lower than normal and paused the gradual price increases we were seeing through 2021. However, based on our real estate market’s current low inventory level we’ll likely see home prices in Red Deer continue to increase.
The average home price for the month of February 2022 was $335,730, 0.5% lower than the 12-month average but 7.6% higher than January’s price average.
In last month’s price report you’ll notice the November price average recorded higher than it shows this month. There must have been a sale change, possibly a sale recorded incorrectly. Above are up-to-date numbers.
The 4 and 12-month running averages were impacted by the lower price average in November and January also. And because of the lower numbers in 2 of the last 4 months, both the 4 and 12-month averages decreased in January’s and February’s reports.
The chart above shows how the 12-month running average was trending upward continually unil December when it peaked. The 12-month running is the best west to see which direction prices are trending.
With more property leaving the market than entering it each week and inventory levels decreasing even more we will probably see home prices in Red Deer increase gradually again next few months.
Be sure to check in each week for more up-to-date real estate news, stats, and information pertaining to the Red Deer and Central Alberta market.
Blake King, the broker, and owner of Big Earth Realty in Red Deer monitor the local market continually. If you have any questions or need specific information feel free to call or text him anytime at (403) 350-7672. Or email him at firstname.lastname@example.org.