Another great month for Red Deer in November, inventory is down compared to last year and sales are up. While there’s likely some uncertainty ahead with the recent COVID restrictions, and it will remain to be seen if that impacts the market, many buyer’s still seem positive about purchasing homes.
Here’s the overall market snapshot for Red Deer:
- Sales are up 27 units in November compared to 2019 (or 22.8%).
- Active listings are down by 65 units compared to 2019 (or 10.5%).
- Absorption rate sits at 21.3% for November, finally back to a balanced market (but just barely)! This is being heavily affected by the single family home market under 400k which is very active.
- The high end market saw a slight increase in sales over October, with 5 sales over $600k, but nothing over $800k.
- Single family homes from $200k – $400k are back to a balanced market after being in seller’s market territory for the last couple of months.
- Single family homes under $200k are back to buyer’s market percentages, but there’s only 8 homes listed, and many are not habitable.
- As I predicted last month, the $400-$500k market came back down to reality after being in a seller’s market in October, and now sits balanced with 21% turnover.
- Total year to date sales are still down from 2019 by 4.3% and it will take a strong month of sales in December to get us back to even compared to 2019.
Random side note: There were 71 sales in Alberta (not including the Edmonton board, who does not share data with us) over 1 million dollars in Alberta. Five of those were over 2 million, and the highest sale price was $3,200,000 for a property in Silver Tip in Canmore. All of those 71 sales except 2 were situated in the Calgary and Canmore regions, while the other 2 were in Grand Prairie and Whitecourt.
Apartment Condo Stats:
Sales jumped up to 16 units in November, after seeing only 4 sales in October.
All sales were under $300,000.
6 of 16 sales were in Seniors (55+) or ‘Adult Only’ condo buildings.
The lowest sale was $52,500 and the highest was $300,000.
Residential Acreage Stats:
Acreage sales nearly doubled from October, with 11 sales in Red Deer County.
Sale prices ranged from $382,000 to $1,380,000.
The highest sale at $1,380,000 took 552 days to sell and came with 158 acres of land.
Of 27 sales in November, 9 were part of a condo.
There are 124 active listings currently, 57 of which are part of a condo.
Non-condo homes had a 50% higher chance of selling than properties with a condo association.
Listing prices range from $112,500 to $614,447 while sales range from $108,000 to $442,000.
Surrounding Community Snapshot:
Current Active Listings – 88
Sales in Nov - 24
Likelihood to Sell – 27% (balanced market)
Current Active Listings – 150
Sales in Nov - 19
Likelihood to Sell – 12.6% (buyer’s market)
Current Active Listings – 32
Sales in Nov – 6
Likelihood to Sell – 18.8% (buyer’s market)