Red Deer homes sales trend lower as interest rates increase and we transition into the winter months.
Red Deer home sales both detached and attached were decent in October but activity is slowing.
October was the 3rd month in a row where detached home sales were lower than the same time last year. This year the first quarter saw home sales up each month. And the second and third quarter sales were lower 2 of the 3 months. But October is the first month where sales were down 3 months in a row.
One bit of good news is that in September detached home sales in Red Deer were down 30% but in October they were only down 2%. And a little perspective helps also. Sales were still much higher in 2022 than they were in 2020 and 2019. And those two years had higher sales than we’d seen over the last decade. Even higher than our last noticeable sales peak in 2014/2015. So, even though sales are lower they are much higher in 2022 than we’ve been accustomed this past decade.
Overall home sale in Red Deer
Detached home sales were 2% lower in October 2022 compared to October 2021 but attached homes were up 2.9%. Attached homes have had higher sales every month in 2022. And with the higher-than-normal attached home sales, this year’s home sales as a whole are 7.8% higher overall than in 2021.
Attached homes
Attached home sales have been much higher this year and it’s due to the combination of detached homes being more expensive and the higher interest rates giving buyers less buying power.
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 hello@blakeking.ca