Red Deer home sales showed some slowing in 2022 and if January is any sign of what’s to come it will be a slower year in 2023
It’s a new year for the Red Deer real estate market and it will be interesting to see what happens in 2023. There are so many variables that could influence the market this year but only time will tell. Check back as often as possible at iOnRealEstate.ca to see how the year unravels.
When comparing the number of homes sold each month I compare them to the same month a year earlier. Comparing them to the month before doesn’t give us a good idea of how things are changing because the start of the year generally sees home sales increase and the opposite happens through the end of the year.
51 detached homes sold this January, which is 37% lower than January 2022, and 28% lower than 2021. 2021 and 2022 had higher sales than we were used to after 2019 and 2020 only averaging 50.5 detached homes sold in January. I guess we could say that home sales in January 2023 were average.
It’s interesting to note however, not only were detached home sales lower in January, they were lower 6 months in a row and 8 of the last 12 months. Why were detached home sales lower in most of the last 12 months? Probably due to interest rates starting their climb in early 2022.
After looking at detached home sales it’s interesting to see how attached homes sales in Red Deer have differed.
Attached home sales were down also in January but only by 4.6%. There were also down in December but prior to that, they were up 12 months straight. For the same reason detached home sales were slower last year, attached home sales increased. Interest rates made buying a home more expensive and that put more buyers in a lower purchasing price range and made attached homes more attractive.
Overall home sales in Red Deer
With detached home sales lower in 2022 and attached home sales higher we still saw more homes in total sell in 2022 than in 2021. Home sales overall in 2022 were 3% higher than in 2021. But we are seeing a different result so far in 2023. Overall, home sales in January 2023 were 26% lower than in January 2022.
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 email@example.com