The Red Deer real estate market is starting to look a little different than it did a year ago. Inventory remains relatively low at about 2 months, which still puts Red Deer firmly in a seller’s market. However, with more homes to choose from than earlier in the year and price growth slowing, buyers can afford to be a little more selective.

Home prices are still higher than last year, but they’re levelling off. The 6-month average price for all residential properties is up about 4.1% from a year ago, while detached homes are up just 1.4%. That’s a significant change from the much faster price increases we were seeing previously.

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Sales tell an interesting story. Overall residential sales are down about 6.8% from last year, but that decline is largely coming from attached homes. Detached home sales are down only 1.3% year-to-date, and August detached sales were virtually identical to last August. Attached-home sales, on the other hand, are down about 15% year-to-date.

Find Out What the Home Down the Street Sold For!

So what does it all mean? Red Deer is still a seller’s market, but it’s a more price-sensitive one. Low inventory continues to support home values, while slower sales and flattening prices are making it harder for sellers to push above current market value. Well-priced homes are still selling, while overpriced homes are more likely to sit and require price reductions.

For buyers, there’s a little more selection and less urgency than we’ve seen in recent years. For sellers, prices remain strong, but getting the price right from the beginning is becoming increasingly important.

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