Understanding Real Estate inventory levels or Months of Inventory (M.O.I.) is crucial, as it has the potential to influence your decisions when buying or selling property. It’s important to understand the reasons behind its importance in the real estate landscape.
SUMMARY!
Everyone knows inventory is low but in some communities it’s painfully low. Many buyers are having trouble finding a home when most properties are receiving competing offers. If you are a buyer in Central Alberta and want some creative assistance in this crazy market – 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 engaging in property transactions, it’s crucial to factor in local inventory statistics. This stands as paramount real estate information, particularly if you’re contemplating selling your home. In situations where months of inventory are high, prices tend to remain stable or decrease. Conversely, in low-inventory scenarios, homes are likely to sell swiftly, leading to an increase in prices.
(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 selling each month is calculated based on the last 60 days of sales.
Red Deer, AB (inventory of detached homes)
| Date 2023/2024 | Nov 1 | Dec 1 | Jan 2 | Feb 1 | Mar 5 | Apr 17 | ||||||
| properties currently for sale | 158 | 148 | 113 | 122 | 116 | 108 | ||||||
| avg # of homes selling ea. month | 93 | 79.5 | 67.5 | 52.5 | 64 | 102 | ||||||
| M.O.I. in Red Deer | 1.7 | 1.9 | 1.7 | 2.3 | 1.8 | 1.06 |
Red Deer, Ab (for sale inventory overall)
| Date 2023/24 | Nov 1 | Dec 1 | Jan 2 | Feb 1 | Mar 5* | Apr 17 | ||||||
| properties currently for sale | 235 | 223 | 169 | 184 | 184 | 180 | ||||||
| avg # of homes selling ea. month | 146 | 126.5 | 108.5 | 89 | 106 | 170 | ||||||
| M.O.I. in Red Deer | 1.6 | 1.8 | 1.6 | 2.1 | 1.7 | 1.06 |
(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.
For-sale inventory hasn’t been this low for as far back as I’ve tracked inventory.
Sylvan Lake, AB (for sale inventory overall)
| Date 2023/2024 | Nov 1 | Dec 1 | Jan 2 | Feb 1* | Mar 5* | Apr 17 | ||||||
| properties currently for sale | 44 | 40 | 30 | 76 | 79 | 96 | ||||||
| avg # of homes selling ea. month | 22 | 16.5 | 11 | 22.5 | 37 | 48 | ||||||
| M.O.I. in Red Deer | 2 | 2.4 | 2.7 | 3.4 | 2.1 | 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.
Low inventory in Sylvan and it will probably go lower as more Red Deer buyers search communities nearby.
Penhold/Springbrook, Ab (for sale inventory overall)
| Date 2023/2024 | Nov 1 | Dec 1 | Jan 2 | Feb 1* | Mar 5* | Apr 17 | ||||||
| properties currently for sale | 7 | 9 | 5 | 13 | 18 | 15 | ||||||
| avg # of homes selling ea. month | 4.5 | 5 | 6 | 5.5 | 3.5 | 11.5 | ||||||
| M.O.I. in Red Deer | 1.6 | 1.8 | 0.8 | 2.4 | 5 | 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.
Listings down, sales up. This happens when inventory is low enough long enough in the larger centre nearby.
Blackfalds, AB (for sale inventory overall)
| Date 2023/2024 | Nov 1 | Dec 1 | Jan 2 | Feb 1* | Mar 5* | Apr 17 | ||||||
| properties currently for sale | 23 | 21 | 19 | 32 | 24 | 15 | ||||||
| avg # of homes selling ea. month | 14.5 | 9.5 | 9.5 | 11.5 | 14.5 | 23.5 | ||||||
| M.O.I. in Red Deer | 1.6 | 2.2 | 2 | 2.8 | 1.7 | 0.64 |
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.
Blackfalds is showing the lowest inventory level in Central Alberta!
Lacombe, AB (for sale inventory overall)
| Date 2023/2024 | Nov 1 | Dec 1 | Jan 2 | Feb 1* | Mar 5* | Apr 17 | ||||||
| properties currently for sale | 21 | 19 | 16 | 33 | 30 | 30 | ||||||
| avg # of homes selling ea. month | 10 | 6.5 | 7.5 | 10.5 | 14.5 | 17.5 | ||||||
| M.O.I. in Red Deer | 2.1 | 2.9 | 2.1 | 3.1 | 2.1 | 1.7 |
(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.
Lacombe, Ab inventory decreases again like all the other communities in Central, AB
Innisfail, AB (for sale inventory overall)
| Date 2023/2024 | Nov 1 | Dec 1 | Jan 2 | Feb 1* | Mar 5* | Apr 17 | ||||||
| properties currently for sale | 10 | 9 | 16 | 28 | 22 | 16 | ||||||
| avg # of homes selling ea. month | 9.5 | 7 | 3 | 3 | 8 | 18 | ||||||
| M.O.I. in Red Deer | 1.1 | 1.3 | 5.3 | 9.3 | 2.8 | 0.9 |
(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 smaller markets are more susceptible to inventory swings and we’ve witnessed that in the last few months in Innisfail.
Rocky Mountain House (for sale inventory overall)
| Date 2023/2024 | Nov 1 | Dec 1 | Jan 2 | Feb 1* | Mar 5* | Apr 17 | ||||||
| properties currently for sale | 22 | 22 | 15 | 24 | 30 | 40 | ||||||
| avg # of homes selling ea. month | 9 | 10.5 | 4.5 | 3.5 | 4.5 | 7.5 | ||||||
| M.O.I. in Red Deer | 2.4 | 2.1 | 3.3 | 6.9 | 6.7 | 5.2 |
(Buyers market) level A (4.3 – 5.9 months of inventory)
*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.
Homes listing numbers are up 33% and sales are up 66% and that is a good thing for RMH. We can see this by looking at April over March.
Ponoka, AB (for sale inventory overall)
| Date 2023/2024 | Nov 1 | Dec 1 | Jan 2 | Feb 1* | Mar 5* | Apr 17 | ||||||
| properties currently for sale | 32 | 24 | 13 | 20 | 22 | 32 | ||||||
| avg # of homes selling ea. month | 13 | 9.5 | 6 | 7.5 | 8.5 | 12 | ||||||
| M.O.I. in Red Deer | 2.5 | 2.5 | 2.2 | 2.7 | 2.6 | 2.7 |
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.
Inventory levels stay pretty much the same in Ponoka but keep in mind, these inventory numbers are low!
Stettler, AB (for sale inventory overall)
| Date 2023/2024 | Nov 1 | Dec 1 | Jan 2 | Feb 1* | Mar 5* | Apr 17 | ||||||
| properties currently for sale | 22 | 25 | 21 | 30 | 24 | 24 | ||||||
| avg # of homes selling ea. month | 6.5 | 6 | 4 | 5 | 8 | 9 | ||||||
| M.O.I. in Red Deer | 3.4 | 4.2 | 5.3 | 6.4 | 3 | 2.7 |
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.
Some seasonable improvement in Stettler.
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
