What will happen with Red Deer home sales in 2024?

In December 2023 detached home sales in Red Deer were up 43% and attached home sales were up 50%! But even with those numbers, home sales overall in Red Deer in 2023 came in 6.6% lower than in 2022.

Now, after our first month of 2024 in the Red Deer real estate market we are seeing numbers up a little for detached homes, down a little for attached homes, and down a little overall.

Detached home sales

The chart below shows Red Deer detached home sales in 2024 and the 5 years prior. This allows readers to compare home sales each year and each month.

Detached homes	2019	2020	2021	2022	2023	2024	diff
Jan	50	51	71	81	51	52	⬆︎ 2%
Feb	69	59	101	113	59	⬇︎ 48%
Mar	72	79	126	132	88	⬇︎ 33%
Apr	96	37	169	166	126	⬇︎ 24%
May	93	59	148	164	118	⬇︎ 28%
Jun	90	97	141	121	129	⬆︎ 6%
July	99	113	108	118	117	⬇︎ 0.8%
Aug	76	98	117	104	113	⬆︎ 8.7%
Sept	79	93	119	83	105	⬆︎ 27%
Oct	71	88	98	96	84	⬇︎ 13%
Nov	66	76	86	75	72	⬇︎ 4%
Dec	49	65	88	44	63	⬆︎ 43%
For the year	910	915	1372	1298	1125	⬇︎ 13%

Alberta has experienced high immigration and inter-provincial migration causing low vacancy rates and higher rents. It’s also having an impact on the number of homes for sale and home prices in Red Deer.

Detached home sales were 2% higher this January compared with last January (2023). Is a 2% increase enough to suggest a trend of higher prices in 2024? I don’t think so but if sales are as strong as last year, and more homes hit the market in 2024 we could see higher sales than in 2023.

One month of slightly higher sales isn’t enough to hint at a trend of higher sales in 2024 but combine it with higher inventory it will be interesting to see what happens. Inventory levels climbed in all Centra Alberta communities in January and it might continue as more homeowners’ mortgages mature and as the higher rates become older news.

Attached home sales

The chart below shows attached home sales in Red Deer this year and the 5 years prior. The column on the right shows whether sales were up or down and how much compared with the same month a year earlier.

Attached homes	2019	2020	2021	2022	2023	2024	diff
Jan	25	18	29	43	41	38	⬇︎ 7.3%
Feb	18	20	33	59	35	⬇︎ 41%
Mar	28	22	60	71	59	⬇︎ 17%
Apr	42	24	55	73	55	⬇︎ 25%
May	28	16	47	79	100	⬆︎ 27%
Jun	35	24	65	76	75	⬇︎ 1.3%
July	50	48	45	70	78	⬆︎ 11%
Aug	41	35	41	50	76	⬆︎ 52%
Sept	39	47	42	44	60	⬆︎ 30%
Oct	30	28	35	36	44	⬆︎ 22%
Nov	25	42	37	41	49	⬆︎ 20%
Dec	22	23	41	20	34	⬆︎ 50%
For the year	383	307	530	662	706	⬆︎ 6.6%

With interest rates climbing higher, buyers had less buying power in 2023 and it showed with more people buying more affordable homes. As interest rates climbed we saw more affordable attached-style homes sold. We’ll see if the higher detached home sales and lower attached home sales in January continue as we look at sales here each month.

Attached home sales were down 7.3%% in January 2024 compared with January 2023.
Check back to see were sales end up at the end of February.

Home sales overall in Red Deer

Use the tables above to see how home sales are doing overall by adding the totals together.

Home sales overall in Red Deer were down 6.6% at the end of January.

Summary

After the first month of 2024, home sales are down in Red Deer but I think we might see higher sales in 2024 over 2023. Let’s see what happens.

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Hosted by Blake King Realtor® and Big Earth Realty. Blake King continually monitors the Red Deer and Central Alberta real estate market to track changes and watch trends. With this information, he’s able to help you make the most informed decisions when buying or selling your home. If you want to learn more about the local market and how it impacts your next real estate transaction, call or email Blake anytime at (403) 350-7672