This snapshot of Red Deer’s real estate market is prepared each month to give everyone interested a quick look at where things sit and what direction our local real estate market is heading.
At the top of the page, I post the days-on-market numbers for the differing types of property selling. This month D.O.M. (days-on-market) for all types of property dropped. The time it’s taking detached homes to sell has dropped from 38 days to 34 days. Semi-detached properties are averaging a very quick 19 days to sell and townhomes and apartment condos are also selling quicker than normal.
Average home price
Below the D.O.M. I take a look at the average sale price locally. The 4-month running average is first and the image beside it charts the 12-month average trend. You’ll see the 12-month average price trend shows a dipped a bit but is edging upward again. See the most recent average price report at www.iOnRealEstate.ca each month.
Local inventory rate
Inventory rate is likely the most important stat a person buying or selling needs to be aware of and understand. Right now in Red Deer and Central Alberta, we have a very low inventory rate because more homes are leaving the market (selling) than the number entering the market (listings). The current seller’s market has made it a very good time to sell right now.
Below the inventory level segment is a look at the number of homes sold in the last month and how it compares to the same month a year earlier. You’ll see that home sales in March 2022 were 4.7% higher than in February 2021. Note, that detached home sales would be higher if there were more homes for sale. With inventory levels as low as they are many buyers aren’t finding the home they want. Knowing sales are higher than average while inventory is lower than ever, homes sitting for sale longer than a week are priced too high.
Check in at www.iOnRealEstate.ca each month for up-to-date real estate news, stats, and information specific to Red Deer, Alberta. Central Alberta Realtor®/Broker Blake King with Big Earth Realty hosts iOnRealEstate.ca because everyone needs up-to-date information to make informed decisions when buying or selling property.