Red Deer home sales trend lower as we approach the holidays
Detached home sales in Red Deer have slowed through the end of 2022 but homes other than detached are selling well.
November was the 4th month in a row where detached home sales were lower than the same time last year.
The first quarter of 2022 saw detached home sales up each month but the end of the is looking to be the opposite. Detached home sales were 12.8% lower in November compared with November 2021. Overall, detached home sales, going into December are 2.4% lower than 2021 numbers.
It is important to consider that 2021 home sales were much higher than normal. For example, 2021 home sales were 50% higher than in 2019 and 2020. So, even though detached home sales are lower this year than last year, they are still 45% higher this year than in 2019 and 2020. 2022 still had very high detached home sales.
The most interesting real estate story in 2022 is that of attached homes.
Attached homes, generally smaller and more affordable than detached homes have seen higher than normal sales this year.
Interest rates have definitely slowed sales numbers in Red Deer. But because higher interest rates make it harder to qualify for more expensive homes, more buyers appear to be shopping in a more affordable range.
It’s amazing to see that 2022 attached home sales are 31% higher in Red Deer than in 2021. And 2022 attached home sales in Red Deer are 85% higher than in 2020. These are notable increases.
Overall home sales in Red Deer
Detached home sales were 13% lower in October 2022 and attached homes were up 11% higher. With the higher sale in attached homes this year, overall home sales are up 6.9%.
I estimate detached home sales will come in lower in December and attached homes sales will come in higher again. Overall I estimate home sales numbers in Red Deer will end the year about 5% higher than 2021 home sales.
When we see changes in the market it’s interesting to see where they will take us next. Know your market. Check in at iOnRealEstate.ca often.
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 firstname.lastname@example.org