Home sales are higher this year compared to 2023 and inventory remains notably low still. This suggests that the pent-up demand from buyers in 2023 has continued to carry into 2024. While more sellers are putting their homes on the market, the heightened buyer activity is preventing inventory from rising significantly.
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
66
⬆︎ 12%
Mar
72
79
126
132
88
88
even
Apr
96
37
169
166
126
130
⬆︎ 3%
May
93
59
148
164
118
144
⬆︎22%
Jun
90
97
141
121
129
118
⬇︎ 7.8%
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
⬆︎ 4.9%
Alberta has experienced high immigration and inter-provincial migration causing a shortage of housing, low vacancy rates and higher rents. And, of course, it’s also directly impacting the number of homes for sale and home prices in Red Deer.
Detached home sales were 37.8% lower in June 2024 compared to June 2023, but they are still up 4.9% after a strong sale month in May.
One month of lower sales isn’t enough to suggest a trend but after a few months we’ll know. Even though inventory levels aren’t increasing much, the higher number of sales suggests more homeowners have decided to sell this year.
Attached home sales
The chart below shows attached home sales in Red Deer this year and 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
45
⬆︎ 29%
Mar
28
22
60
71
59
70
⬆︎ 19%
Apr
42
24
55
73
55
75
⬆︎ 36%
May
28
16
47
79
100
82
⬇︎ 18%
Jun
35
24
65
76
75
76
⬆︎ 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
⬆︎ 5.7%
With interest rates higher Red Deer has witnessed a higher number of detached homes selling.
Attached home sales dipped drastically in May but were a little higher than the year prior in June. Even with the dip in May, attached home sale are up 5.7% this year
Check back each month to see if sale slow or increase in 2024
Home sales overall in Red Deer
Home sales overall in Red Deer were up 5.2% at the end of June 2024.
Summary
At the end of June 2024, home sales are up in Red Deer. It will be interesting to see if sales increase or slow in Red Deer. It will also be interesting to see if inventory levels normalize this year.
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
