December price average is quite low compared with the rest of 2022.
This is the last look at Red Deer home prices in 2022 and was another interesting year in the Red Deer market. A couple of months ago I changed the chart below to a 36 month so everyone can see where the Red Deer market was and what it’s doing long term. It’s obvious when looking at the chart that we’ve witnessed a price incline overall since mid-2020. However, since late 2021, overall prices look to have flattened out in 2022.
The table below tracks the average detached home price and the average home prices overall in Red Deer. It includes both the month-to-month average and the 12-month running average. You’ll see from month to month, the average price each month is all over the place. But the 12-month running average gives a better idea of how prices are trending. And because this table goes back 13 months everyone can compare both the current month-to-month average and the 12-month average to the same month a year earlier.
|Month||Average||12-month avg.||Average||12-month avg.|
|Dec 2021||$339,214||$336,600 ⬆︎||$383,808||$378,933⬆︎|
|Jan 2022||$313,546||$335,389 ⬇︎||$366,410||$378,197 ⬇︎|
|Feb 2022||$337,430||$334,116 ⬇︎||$384,932||$377,388 ⬇︎|
|Mar 2022||$335,975||$334,728 ⬆︎||$393,789||$378,929 ⬆︎|
|Apr 2022||$348,134||$335,163 ⬆︎||$404,061||$381,081 ⬆︎|
|May 2022||$343,666||$334,903 ⬇︎||$396,107||$381,967 ⬆︎|
|June 2022||$348,628||$336,720 ⬆︎||$413,574||$385,105 ⬆︎|
|July 2022||$343,101||$336,165 ⬇︎||$416,991||$387,061 ⬆︎|
|Aug 2022||$338,850||$336,747 ⬆︎||$394,765||$389,573 ⬆︎|
|Sept 2022||$342,398||$337,167 ⬆︎||$408,881||$392,134⬆︎|
|Oct 2022||$320,941||$335,725 ⬇︎||$376,165||$391,176 ⬇︎|
|Nov 2022||$332,885||$337,029 ⬆︎||385,705||$393,765 ⬆︎|
|Dec 2022||$315,213||$335,030 ⬇︎||$359,519||$391,742 ⬇︎|
|down 0.6%||down 0.5%|
Overall home prices
The number of homes sold was higher than normal in 2022 even though they weren’t as high as in 2021. And, overall home prices practically followed that same path. December 2022 saw approximately the same price average as Dec 2021. 5 of the 12 months in 2022 had prices lower than the month preceding and overall the downs were more substantial than the ups because the average home price overall in December was 0.5% lower than in December 2021
Detached home prices
A combination of low inventory and high buying activity cause an average price increase in detached homes in Red Deer in 2022.
The 12-month running price average for detached homes dipped 4 of the past 12 months but two were in the last three months of the year. Detached home prices ended up 3.4% higher in December 2022 than in December 2021. And this happened even with the December average sale price for detached homes 6.8% lower than in November.
The real estate market in Red Deer this year was interesting. Increasing interest rates had buyer activity frantic and it was compounded by more sellers sitting tight. Lower inventory pushed prices up for detached homes but attached prices were enough to flatten prices overall. It’s a new year now and with all the variables to consider it will be interesting to see what direction our market takes.
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 at (403) 350-7672 or email@example.com