Home sales are up again in Red Deer and it’s now the 5th month in a row!
Each month I post sales numbers and I’m not the only one surprised sales continue to be higher than last year, before the COVID crisis.
Everyone expected sales too slow as the economy slowed but the market appears to be chugging right along. There are definitely some variables directly contributing to the extra activity, such as low-interest rates and both buyers and sellers coming out of hiding after the initial COVID uncertainty. But the extra activity is still surprising.
We have to also look closer at where our local market was last year. Comparing to last year isn’t a great feat with last year’s sales being the tail end of yearly diminishing sales over the last decade.
It’s surprising for everyone that one of the only positive storing through the COVID pandemic has been extra activity in the real estate market. Home sales are up in Red Deer.
In addition to the number of homes selling each month in Red Deer being higher, the average home price has been stable too. Prices aren’t up like they are in some parts of Canada but they haven’t fallen either. We did see prices drop in April and May but bounced back to normal quickly.
Later this week I will post average price numbers for the month of October. Last month they were down a little but they generally lower as we approach the end of the year.
Later this month (mid month) I will post inventory levels. Because of higher sales and fewer people putting their home up for sale, inventory levels are very healthy. Too many homes for sale will negatively impact prices. Check back later this month to see if we are still experiencing a “seller’s market.”