Over the last few months, the Red Deer home price average has remained steady. And this is during a time when properties are selling at list price and above.
But with low inventory and competing offers, how come the price average isn’t skyrocketing?
More affordable homes
Based on the number of properties selling, the reason could be linked to our low inventory and already higher prices. More detached homes sell in Red Deer than other types and their higher prices impact the price average most. However, over the last few months, we are seeing more affordable semi-detached, townhomes, and apartment condos sold. Things might be different if there were more detached properties for sale. But maybe, with the higher cost of living concern, more people are looking at more affordable options
With some lower average months, the 4 and 12-month average slowed over the last few months. However, with a couple of strong monthly averages in Feb and March, the running averages have nudged upward again. The 4 and 12-month running averages give us a better look at what direction prices are trending. The monthly average can be impacted too much by just a few higher-priced homes selling.
In addition to posting the 4 and 12-month averages, I chart the 12-month average (above) to really see how home prices are trending.
Be sure to check in each week for more up-to-date real estate news, stats, and information pertaining specifically 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.