After a low October Red Deer home prices bounced back a bit in November
When we track the average Red Deer home price each month we look at how the monthly average bounces around but I like to use a 12-month running average to see what direction prices are 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 to the same time a year earlier.
|Month||Average||12-month avg.||Average||12-month avg.|
|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||$337,167 ⬆︎||$408,881||$392,134⬆︎|
|Oct 2022||$320,941||$335,725 ⬇︎||$376,165||$391,176 ⬇︎|
|Nov 2022||$332,885||$337,029 ⬆︎||385,705||$393,765 ⬆︎|
|up 0.38%||up 0.66%|
There is still a reasonably active market in Red Deer with buyers jumping in concerned about interest rates climbing even higher. Higher interest rates are pushing buyers to keep buying but they’re also causing a large number of sellers to stay put. With steady home sales in Red Deer, and fewer homeowners listing, we’re seeing a lower-than-normal inventory rate and stable prices. There are normally fewer sellers listing toward Christmas but we haven’t seen a December inventory as low as 2.2 months of inventory as long as we can remember.
Detached home prices
The better-than-expected buying activity and a shortage of homes for sale have caused Red Deer home prices to increase this year. The 12-month running price average for detached homes has been over $390,000 for the last couple of months and the November average price was high enough to keep it there. We are definitely seeing a higher home price average than expected in the last quarter of 2022.
The 12-month running price average for detached homes dipped 3 of the past 12 months but the average sale price has increased by 4.3% from November to November.
Last month we saw the 12-month running price average dip both overall and in detached home sales. This could be a hint that we probably won’t see prices climb too quickly in the short term.
Overall home prices
Red Deer home prices overall took a bumpier road over the last 12 months. 5 of the last 12 months saw the running average dip but overall prices increased 0.55% from November to November.
Check back each month if you’re interested in what local real estate prices are doing.
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 at (403) 350-7672 or firstname.lastname@example.org