The average Red Deer home price dipped low enough to make a difference in October
When I track the average Red Deer home price each month I look at the monthly average and how it bounces around but to see what direction the price is trending I use a 12-month running average. A person can look at the month-to-month average and see if more months are higher than lower, or vice-versa, but the 12-month average lets everyone see how the monthly price average is trending
The table below allows readers to see both the month-to-month averages and the running 12-month average. And because the table goes back 13 months everyone can compare both the current month-to-month average and the 12-month average with the same month a year earlier.
| Overall | ooo | Detached | |||
| Month | Average | 12-month avg. | Average | 12-month avg. | |
| Oct 2021 | $338,241 | $335,080 ⬆︎ | $387,660 | $379,032 ⬆︎ | |
| Nov 2021 | $317,237 | $335,202 ⬆︎ | $354,631 | $377,512 ⬇︎ | |
| Dec 2021 | $339,214 | $336,600 ⬆︎ | $383,808 | $378,933⬆︎ | |
| Jan 2022 | $313,546 | $335,389 ⬇︎ | $366,410 | $378,197 ⬇︎ | |
| Feb 2022 | $337,430 | $334,116 ⬇︎ | $384,932 | $377,388 ⬇︎ | |
| Mar 2022 | $335,975 | $334,728 ⬆︎ | $393,789 | $378,929 ⬆︎ | |
| Apr 2022 | $348,134 | $335,163 ⬆︎ | $404,061 | $381,081 ⬆︎ | |
| May 2022 | $343,666 | $334,903 ⬇︎ | $396,107 | $381,967 ⬆︎ | |
| June 2022 | $348,628 | $336,720 ⬆︎ | $413,574 | $385,105 ⬆︎ | |
| July 2022 | $343,101 | $336,165 ⬇︎ | $416,991 | $387,061 ⬆︎ | |
| Aug 2022 | $338,850 | $336,747 ⬆︎ | $394,765 | $389,573 ⬆︎ | |
| Sept 2022 | $342,398 | $344,129 ⬆︎ | $408,881 | $392,134⬆︎ | |
| Oct 2022 | $320,941 | $335,526 ⬇︎ | $376,165 | $391,176 ⬇︎ |
Everyone rushing to buy homes before interest rates increase more has kept prices healthy but things might be changing. With sale slowing, we might also see prices flatten out.
Detached home prices have gradually increased in Red Deer since March but in Oct we’re seeing a change. The average price of detached homes in Oct dropped substantially. With a price average of $405,800 over the last 5 months the drop in October to $376,165 was enough to aim the 12-month running average downward.
The 12-month running average for detached homes dropped 2.4% in October after increasing 7 months straight. With interest rates increasing it’s surprising detached home prices increased as long as they have.
Home prices overall took a bumpier road over the last 12 months only increasing 0.13%. This is due to more lower-priced attached homes selling as prices increased for detached homes. The average price of detached homes increased by 3.2% in the past 12 months.
Prices have been increasing because our Red Deer homes-for-sale inventory is staying low. We will likely see for-sale inventory climb through the end of the year, however, and might see prices relax more overall.
Check back each month if you’re interested in seeing where the Red Deer home price average is headed.
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
