As we wrap up November, the Red Deer real estate market continues to show us how unique and dynamic it can be. Whether you’re looking to buy your first home, upgrade to something larger, or sell your current property, understanding the latest market trends can help you make confident decisions.
Let’s dive into the numbers and what they mean for you.
The Numbers Tell the Story
Average Sale Price is Rising:
Last November, the average sale price was $335,000.
This November, it’s jumped to $380,000, a clear reflection of low inventory paired with high demand.
Average Sale Price is Rising:
Last November, the average sale price was $335,000.
This November, it’s jumped to $380,000, a clear reflection of low inventory paired with high demand.
Fewer Homes Sold:
November 2024 saw 110 sales, down from 122 last year.
This isn’t due to lack of buyers—it’s because there are fewer homes available to purchase.
Inventory Levels Are Tight:
Currently, there are only 193 active listings on the market.
That’s a 25% drop from last year’s 257 listings.
Months of Inventory Remain Low:
With just 1.75 months of inventory, we’re firmly in a seller’s market, where demand continues to outpace supply.
What Does This Mean for You?
Whether you’re a buyer or a seller, here’s how these market trends might impact your next move:
For Sellers in the $300K–$400K Range:
Your property is in high demand. Homes in this price range are selling quickly, making it a great time to list and maximize your return.
For Buyers in the $550K+ Range:
The higher price brackets are seeing less competition, meaning you might have more time and room to negotiate.
For Buyers in the $300K Price Range:
Be ready to act fast! Competition is fierce in this price point, so it’s critical to have a pre-approval letter in hand and a clear idea of what you’re looking for.
Whether you’re a buyer or a seller, here’s how these market trends might impact your next move:
For Sellers in the $300K–$400K Range:
Your property is in high demand. Homes in this price range are selling quickly, making it a great time to list and maximize your return.
For Buyers in the $550K+ Range:
The higher price brackets are seeing less competition, meaning you might have more time and room to negotiate.
For Buyers in the $300K Price Range:
Be ready to act fast! Competition is fierce in this price point, so it’s critical to have a pre-approval letter in hand and a clear idea of what you’re looking for.
Looking Ahead
The low inventory trend isn’t going anywhere soon. For sellers, this means continued opportunities to leverage the market. For buyers, especially in competitive price ranges, preparation will be key to success.
The low inventory trend isn’t going anywhere soon. For sellers, this means continued opportunities to leverage the market. For buyers, especially in competitive price ranges, preparation will be key to success.