Understanding real estate inventory levels, or Months of Inventory (M.O.I.), is crucial because it can significantly influence your decision when buying or selling property. It is important to grasp the reasons behind its importance in the real estate landscape.
SUMMARY!
Inventory data reveals a consistent trend of low housing inventory across Red Deer’s surrounding communities. The closest areas are reflecting Red Deer’s shortage, as prospective buyers who are unable to find homes in the city expand their search to nearby regions. While inventory levels in more distant communities appear somewhat more balanced, all areas continue to experience a strong seller’s market.
If you are a buyer in Central Alberta and want some creative assistance finding home for sale other than just what’s on the MLS – CLICK HERE.
To foster “normal growth” in a real estate market, it’s essential to maintain months of inventory (M.O.I.) rates below the 5-month range. Please scroll down for this month’s inventory rates across Central Alberta.
When buying or selling property, it’s important to consider local inventory levels. This is key information, especially if you’re thinking of selling your home. If there are many homes for sale, prices usually stay the same or go down. But if there are fewer homes available, they tend to sell quickly, which can drive prices up.
(Seller’s market) with an inventory rate below 3.9 months-of-inventory
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(Balanced market) with inventory between 3.9-4.2 months-of-inventory
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(Buyers market) level A (4.3 – 5.9 months of inventory)
(Buyer market) level B (6 – 7.2 m.o.i.)
(Buyers market) extreme (7.3+ m.o.i.)
Here are the overall for-sale inventory levels in Red Deer and towns across Central Alberta. The average number of homes sold monthly is calculated based on the last 60 days of sales.
Red Deer, AB (inventory of detached homes)
| Date 2023/2024 | Jan 2 | Feb 1 | Mar 5 | Apr 17 | May 21 | June 24 | July 15 | Aug 15 | Sept 10 | |
| properties currently for sale | 113 | 122 | 116 | 108 | 130 | 160 | 173 | 176 | 146 | |
| avg # of homes selling ea. month | 67.5 | 52.5 | 64 | 102 | 125 | 132 | 130 | 105.5 | 102.5 | |
| M.O.I. in Red Deer | 1.7 | 2.3 | 1.8 | 1. | 1. | 1.2 | 1.3 | 1.7 | 1.4 |
Red Deer, Ab (for sale inventory overall)
| Date 2023/24 | Jan 2 | Feb 1 | Mar 5* | Apr 17 | May 21 | June 24 | July 15 | Aug 15 | Sept 10 | |
| properties currently for sale | 169 | 184 | 184 | 180 | 204 | 233 | 241 | 238 | 219 | |
| avg # of homes selling ea. month | 108.5 | 89 | 106 | 170 | 195 | 205 | 205 | 172 | 166.5 | |
| M.O.I. in Red Deer | 1.6 | 2.1 | 1.7 | 1 | 1 | 1.1 | 1.2 | 1.4 | 1.3 |
(SELLER’S MARKET) with an inventory rate below 3.9 months!
*Before February 2024 inventory data was from detached home sales only, now each month inventory will be posted based on homes for sale inventory overall in each community. Red Deer data will include the overall inventory and the detached home inventory.
Listings are down -13.9% from last Sept and sales are only down -9.5%. It’s harder to buy a home now than it was at the same time last year.
Sylvan Lake, AB (for sale inventory overall)
| Date 2023/2024 | Jan 2 | Feb 1* | Mar 5* | Apr 17 | May 21 | June 24 | July 15 | Aug 15 | Sept 10 | |
| properties currently for sale | 30 | 76 | 79 | 96 | 79 | 93 | 73 | 92 | 73 | |
| avg # of homes selling ea. month | 11 | 22.5 | 37 | 48 | 57.5 | 55.5 | 55.5 | 48 | 47 | |
| M.O.I. in Red Deer | 2.7 | 3.4 | 2.1 | 2 | 1.4 | 1.7 | 1.3 | 1.9 | 1.6 |
(SELLER’S MARKET) with an inventory rate below 3.9 months!
*Before February 2024 inventory data was from detached home sales only, now each month inventory will be posted based on homes for sale inventory overall in each community.
With fewer homes for sale than last month and fewer homes selling, months-of-inventory is back down.
Penhold/Springbrook, Ab (for sale inventory overall)
| Date 2023/2024 | Jan 2 | Feb 1* | Mar 5* | Apr 17 | May 21 | June 24 | July 15 | Aug 15 | Sept 10 | |
| properties currently for sale | 5 | 13 | 18 | 15 | 13 | 13 | 14 | 13 | 10 | |
| avg # of homes selling ea. month | 6 | 5.5 | 3.5 | 11.5 | 12.5 | 18.5 | 16.5 | 15 | 15.5 | |
| M.O.I. in Red Deer | 0.8 | 2.4 | 5 | 1.3 | 1.04 | 0.7 | 0.8 | 0.9 | 0.6 |
(SELLER’S MARKET) with an inventory rate below 3.9 months!
*Before February 2024 inventory data was from detached home sales only, now each month inventory will be posted based on homes for sale inventory overall in each community.
Listings are low and sales are up. This happens when inventory is low enough long enough in nearby larger communities.
Blackfalds, AB (for sale inventory overall)
| Date 2023/2024 | Jan 2 | Feb 1* | Mar 5* | Apr 17 | May 21 | June 24 | July 15 | Aug 15 | Sept 10 | |
| properties currently for sale | 19 | 32 | 24 | 15 | 18 | 23 | 31 | 27 | 38 | |
| avg # of homes selling ea. month | 9.5 | 11.5 | 14.5 | 23.5 | 21.5 | 25 | 27 | 29.5 | 25.5 | |
| M.O.I. in Red Deer | 2 | 2.8 | 1.7 | 0.6 | 0.8 | 0.9 | 1.1 | 0.9 | 1.5 |
SELLER’S MARKET) with an inventory rate below 3.9 months!
*Before February 2024 inventory data was from detached home sales only, now each month inventory will be posted based on homes for sale inventory overall in each community.
Last month was a silly low inventory level but Blackfalds is seeing very low inventory this year. Likely due to spillover from low inventory in RD.
Lacombe, AB (for sale inventory overall)
| Date 2023/2024 | Jan 2 | Feb 1* | Mar 5* | Apr 17 | May 21 | June 24 | July 15 | Aug 15 | Sept 10 | |
| properties currently for sale | 16 | 33 | 30 | 30 | 33 | 42 | 39 | 48 | 45 | |
| avg # of homes selling ea. month | 7.5 | 10.5 | 14.5 | 17.5 | 23.5 | 25.5 | 27.5 | 19.5 | 15 | |
| M.O.I. in Red Deer | 2.1 | 3.1 | 2.1 | 1.7 | 1.4 | 1.6 | 1.4 | 2.5 | 3 |
(SELLER’S MARKET) with an inventory rate below 3.9 months!
*Before February 2024 inventory data was from detached home sales only, now each month inventory will be posted based on homes for sale inventory overall in each community.
The Lacombe, Ab inventory level is moving close to a balanced market.
Innisfail, AB (for sale inventory overall)
| Date 2023/2024 | Jan 2 | Feb 1* | Mar 5* | Apr 17 | May 21 | June 24 | July 15 | Aug 15 | Sept 10 | |
| properties currently for sale | 16 | 28 | 22 | 16 | 18 | 21 | 21 | 28 | 18 | |
| avg # of homes selling ea. month | 3 | 3 | 8 | 18 | 14 | 14.5 | 18 | 16 | 15 | |
| M.O.I. in Red Deer | 5.3 | 9.3 | 2.8 | 0.9 | 1.3 | 1.4 | 1.2 | 1.8 | 1.2 |
(SELLER’S MARKET) with an inventory rate below 3.9 months!
*Before February 2024 inventory data was from detached home sales only, now each month inventory will be posted based on homes for sale inventory overall in each community.
Sales are up in Innisfail over the last 7 months. This happens when a main centre like Red Deer has a shortage of inventory.
Rocky Mountain House (for sale inventory overall)
| Date 2023/2024 | Jan 2 | Feb 1* | Mar 5* | Apr 17 | May 21 | June 24 | July 15 | Aug 15 | Sept 10 | |
| properties currently for sale | 15 | 24 | 30 | 40 | 35 | 34 | 23 | 23 | 21 | |
| avg # of homes selling ea. month | 4.5 | 3.5 | 4.5 | 7.5 | 11 | 18.5 | 19.5 | 18 | 18 | |
| M.O.I. in Red Deer | 3.3 | 6.9 | 6.7 | 5.2 | 3.2 | 1.8 | 1.2 | 1.3 | 1.2 |
(SELLER’S MARKET) with an inventory rate below 3.9 months!
*Before February 2024 inventory data was from detached home sales only, now each month inventory will be posted based on homes for sale inventory overall in each community.
A real change of pace in Rocky after being a buyer’s market only prior to May.
Ponoka, AB (for sale inventory overall)
| Date 2023/2024 | Jan 2 | Feb 1* | Mar 5* | Apr 17 | May 21 | June 24 | July 15 | Aug 15 | Sept 10 | |
| properties currently for sale | 13 | 20 | 22 | 32 | 33 | 26 | 30 | 24 | 24 | |
| avg # of homes selling ea. month | 6 | 7.5 | 8.5 | 12 | 14.5 | 21.5 | 21 | 18 | 12 | |
| M.O.I. in Red Deer | 2.2 | 2.7 | 2.6 | 2.7 | 2.3 | 1.2 | 1.4 | 1.3 | 2 |
SELLER’S MARKET) with an inventory rate below 3.9 months!
*Before February 2024 inventory data was from detached home sales only, now each month inventory will be posted based on homes for sale inventory overall in each community.
The inventory level increased in Ponoka in August.
Stettler, AB (for sale inventory overall)
| Date 2023/2024 | Jan 2 | Feb 1* | Mar 5* | Apr 17 | May 21 | June 24 | July 15 | Aug 15 | Sept 10 | |
| properties currently for sale | 21 | 30 | 24 | 24 | 26 | 25 | 24 | 20 | 22 | |
| avg # of homes selling ea. month | 4 | 5 | 8 | 9 | 12.5 | 15.5 | 15 | 12.5 | 9 | |
| M.O.I. in Red Deer | 5.3 | 6.4 | 3 | 2.7 | 2 | 1.6 | 1.5 | 1.6 | 2.4 |
SELLER’S MARKET) with an inventory rate below 3.9 months!
*Before February 2024 inventory data was from detached home sales only, now each month inventory will be posted based on homes for sale inventory overall in each community.
Will Stettler’s inventory level continue to increase through the end of 2024?
Homes can sell in any market but the crucial factor is pricing. If you list your property even slightly too high, it risks lingering on the market indefinitely, especially if home prices aren’t increasing. Allowing your home to remain ‘for sale’ for months can have a detrimental impact on its current and future value.
Blake King manages iOnRealEstate.ca, catering to Central Albertans eager to stay informed about the local real estate market. Access to more information enhances decision-making, and when dealing with an asset as significant as your home, it becomes crucial to strive for the best possible decisions!
Blake King
Big Earth Realty
(403) 350-7672
