Attached home sales were up a whopping 52% in August. Detached homes up 8.7%.
The chart below shows Red Deer detached home sales for this year and the last 4 years, allowing readers to compare home sales each year and each month.
Detached homes
2019
2020
2021
2022
2023
diff
Jan
50
51
71
81
51
⬇︎ 37%
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
⬇︎ 30%
Oct
71
88
98
96
⬇︎ 2%
Nov
66
76
86
75
⬇︎ 12.8%
Dec
49
65
88
44
⬇︎ 50%
Total
910 (645
915 (593)
1372 (981)
1297 (999)
801 (801)
⬇︎ 19.8%
In August detached home sales in Red Deer were up 8.7% and attached home sales were up 52%! Those are outstanding numbers considering 2022 was comparably a very high sales year. And if you can believe it, overall home sales in Red Deer over the last three months (June, July, and August) were up 9.1%. That’s a high number considering the 3 months prior to June (March, April, and May) home sales overall in Red Deer were down 20%.
Alberta is experiencing high immigration and migration and this is causing low vacancy rates and higher rents. And it’s definitely having an impact on homes-for-sale and home prices.
Detached home sales were down 8.7% this August compared to Aug. 2022. Red Deer detached home sales are now down only 19.8% overall this year over last. Even though home sales are slower this year over last year, they are still substantially higher than sales in 2019 and 2020. Will we see 2023 home sales in Red Deer catch up to sales numbers in 2021 and 2022?
Attached home sales
The chart below shows attached home sales in Red Deer this year and the last 4 years. The column on the right shows whether sales were up or down compared with the same month a year earlier.
Attached homes
2019
2020
2021
2022
2023
diff
Jan
25
18
29
43
41
⬇︎4.6%
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
⬆︎ 11.4%
Aug
41
35
41
50
76
⬆︎ 52%
Sept
39
47
42
44
⬆︎ 4.8%
Oct
30
28
35
36
⬆︎ 2.9%
Nov
25
42
37
41
⬆︎ 11%
Dec
22
23
41
20
⬇︎51%
383 (267)
307 (167)
530 (375)
662 (521)
519 (519)
⬇︎ 0.4%
With interest rates higher buyers have less buying power now and many are buying more affordable properties. Last year, as interest rates began to increase we saw sales much higher than normal.
Attached home sales were up 52% in August compared to last August. Attached home sales are now down only 0.4% overall this year. More attached homes have been selling since interest rates began their climb.
Home sales overall in Red Deer
We can use the tables above to see how home sales are doing overall by adding totals.
Homes sales overall in Red Deer are 13% lower than they were this time last year, due in most part to higher interest rates. After July there were 17% lower so we are seeing higher sales. With very low inventory levels it’s easy to imagine that more homes could sell each month if there were more available for sale.
Red Deer home sales overall were up 23% this August over August 2022. Home sales overall are down only 13% this year over last but they were down 17% after July. 2023 overall home sales are still substantially higher than sales in 2019 and 2020.
Summary
Red Deer home sales are lower than last year because at all points last year interest rates were lower. Home sales could possibly be higher this year if inventory levels weren’t so low. People are still buying property amidst higher interest rates.
Blake King Realtor® Broker hosts iOnRealEstate.ca for Central Albertans wanting to keep up to date on the real estate market local to Red Deer and Central Alberta. More information contributes to better decisions, and with an asset as great as your home it’s important to do your best!
