The tables and data below, highlights the impact of seasonality and inventory constraints on Red Deer’s housing market in 2024. The spring market contributed to some of the strongest gains, as expected, but the low inventory available throughout the year ultimately suppressed the market’s true potential. Detached homes saw a slight overall decline, while attached homes showed marginal improvement, with the combined market remaining largely stable with a 0.4% decline. These results underscore the importance of inventory in shaping monthly and annual trends. If more homes had been available—particularly in the peak spring months—the market would likely have seen stronger performance 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
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
115
⬆︎ 1.7%
Aug
76
98
117
104
113
117
⬆︎ 3.5%
Sept
79
93
119
83
105
83
⬇︎ 21%
Oct
71
88
98
96
84
80
⬇︎ 5%
Nov
66
76
86
75
72
66
⬇︎ 8.3%
Dec
49
65
88
44
63
53
⬇︎ 15.9%
For the year
910
915
1372
1298
1124
1112
⬇︎ 1.1%
Blake King’s Home Selling System
Sales of detached homes in Red Deer decreased slightly in 2024, falling from 1,124 to 1,112—a 1.1% drop. While this is a modest decline, it reflects the ongoing inventory challenges in the market rather than a weakening of buyer demand. Most years see about five months of inventory available, but over the last two years, this has dropped to just one month of inventory per month. This shortage has created a surplus of buyers, as not everyone can find a house to purchase. Monthly patterns may also play a role in these results, as the spring market, when more homes typically hit the market, often drives higher sales. If inventory during these peak months had been higher, sales might have increased significantly. Notable trends include significant growth in some months, such as March (up 22%) and April (up 12%), while months like August and December saw sharper declines of 21% and 15.9%, respectively. These fluctuations suggest that inventory availability throughout the year heavily influences monthly sales figures.
Attached Homes
The chart below displays the attached home sales in Red Deer for this year and five years back. The column on the right indicates whether sales have increased or decreased, along with the percentage change compared to the same month from the previous year.
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
77
62
⬇︎ 19%
Aug
41
35
41
50
76
79
⬆︎ 3.9
Sept
39
47
42
44
60
55
⬇︎ 8%
Oct
30
28
35
36
44
54
⬆︎ 23%
Nov
25
42
37
41
49
44
⬇︎ 11.4%
Dec
22
23
41
20
34
30
⬇︎ 11.7%
For the year
383
307
530
662
710
705
⬇︎ 0.7
Attached homes showed a slight improvement in sales, rising from 705 in 2023 to 710 in 2024, a 0.7% increase. Some months saw significant growth, including May, which rose by 36%, and July, which increased by 23%. Conversely, months like January and November recorded declines of 7.3% and 19%, respectively. These trends again highlight the impact of inventory constraints. Spring months, which generally see more homes listed, contributed to gains, but the overall limited supply throughout the year prevented sales from reaching their full potential. The slight overall increase in attached home sales indicates steady demand, but much like the detached market, the performance was likely capped by insufficient inventory across most months.
Key Observations
Low Inventory Limits Sales: The housing market is constrained by a shortage of available homes, with only one month of inventory per month compared to the historical norm of five months.
Spring Market Strength: Sales were strongest in the spring months, reflecting seasonal trends when more homes typically hit the market.
Stable Overall Market: Total home sales in Red Deer remained stable, with only a 0.4% overall decline from 2023 to 2024, suggesting demand is strong but unmet due to inventory shortages.
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 can 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 in Red Deer, call or email him anytime at (403) 350-7672
