Market Update – October 1, 2024

Red Deer Real Estate Market Update:

The real estate market has shown significant changes compared to the previous year. The average sale price has risen by 11%, reaching $366,860. In contrast, the number of active listings has increased dramatically, up 44% from last year. However, sales volume has decreased by 5% year-to-date. This data indicates a rising market price amidst an increase in inventory, coupled with a slight decline in sales activity.
What might be happening in the Red Deer market:
Increased Inventory: The 44% rise in active listings suggests that more homeowners are putting their properties on the market, possibly due to rising prices, improved market conditions, or a desire to capitalize on current trends. This influx of inventory can lead to a more balanced market but may also create competition among sellers.
Price Appreciation: The 11% increase in average sale prices indicates strong demand for homes. Mostly population growth is driving this demand.
Declining Sales: The 5% drop in sales could be attributed to several factors, such as rising prices making homes less affordable for some buyers, economic uncertainties, or changes in buyer preferences.
Market Correction: After a period of rapid price increases, the market may be experiencing a natural correction where prices rise but sales slow as buyers reassess their options.
Interest Rates and Financing: Changes in mortgage rates can impact buyer purchasing power. If rates have increased recently, potential buyers might be less inclined to purchase, leading to fewer sales despite higher prices.
Overall, these factors combined create a dynamic market where prices are rising while sales activity is slowing, indicating a potential shift in buyer sentiment or market equilibrium.
Contact me for more information or to discuss the market in your area.
Charlotte Renschler, REALTOR®
Century 21 Maximum
403-506-3141

Red Deer Market Snapshot Red Deer Market Snapshot

CENTURY 21 Maximum

INFO & SERVICES

CENTURY 21 Maximum

3617F 50 Ave, Red Deer, AB T4N3Y5

(403)-506-3141

charlotte.renschler@c21.ca

INFO & SERVICES

Find a Home

Careers

Terms & Conditions

Privacy Policy

link to Century 21 Canada's facebook page Link to Century 21 Canada's Twitter page Link to Century 21 Canada's Instagram page link to Century 21 Canada's YouTube page
C21 Canada logo

Independently Owned and Operated. ®/™ trademarks owned by Century 21 Real Estate LLC used under license or authorized sub-license. © 2020 Century 21 Canada Limited Partnership © 2020 Century 21 Canada Limited Partnership

The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system. The trademarks REALTOR ® , REALTORS ® and the REALTOR ® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license. This listing content provided by REALTOR.ca has been licensed by REALTOR® members of The Canadian Real Estate Association. Not intended to solicit properties currently listed for sale or buyers under contract.

Century 21 Canada Limited Partnership currently has franchise opportunities available in select markets across Canada. The intent of this communication is for informational purposes only and is not intended to be a solicitation to anyone under contract with another real estate brokerage operation. This e-mail message contains confidential information intended only for the use of the individual or entity named above. Any unauthorized use or disclosure is strictly prohibited. If you have received this communication in error please immediately delete the e-mail and either notify the sender at the above e-mail address or by telephone.

© 2024 MoxiWorks