Home sales strong, prices stay steady and we are still in a seller’s market
Homes-for-sale inventory in Red Deer is creeping upward with more listings entering the market and sales lower as we cruise toward the end of summer.
The inventory of homes for sale in Red Deer has remained is now at 2.6 months for detached homes and 2.9 months for other properties. I’m finding, after all the talk about home prices increasing many sellers are more interested in selling now. We’ll probably remain in a seller’s market through the summer and balance in the fall.
As inventory increases we should see home prices relax. Even though our price average overall went down a little this past month I think we’ll see it remain healthy until inventory is higher.
The number of detached homes sold in July was up 9% in July with other properties up 55%
We’ll still see reasonable sales for a number of months as buyers try to purchase before interest rates increase more.
You’ll see at the top of the infographic that the number of day-on-market increased in each category this past month. It’s taking a little longer to sell.
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