May 2024 Market Stats

  • May sales remained strong, posting a slight increase of 8 sales compared 2023.  The biggest difference currently is inventory 1 year ago was 89 homes higher.
  • Inventory levels are creeping up and we have surpassed 300 listings in Red Deer for the first time this year.
  • There was an increase in activity at the higher price points which was a positive sign, with 700-1M moving into balanced markets.  There were no sales posted over 1M.
  • All categories of homes under 600k are still strong and active.
  • I have noticed a bit of a trend of things starting to slow down, which has been confirmed by other agents as well.  Demand is still strong, but buyers are becoming less willing to participate in multiple offers and bidding wars.
  • Some overpriced properties have gotten lucky and managed to sell during the hot months, but I think we’re going to see drastically less of that for the rest of the year.  Homes showing long days on market are generally assumed to be overpriced and I think that will continue to be the case.
  • The Bank of Canada dropping rates by 0.25% was welcome news, although it likely won’t have a massive impact on the market.  But dropping rates will offer confidence to people purchasing homes.
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Andrew Russell

Author/Owner

Andrew Russell, born and bred in Red Deer, stands as a leading authority in Central Alberta real estate, backed by 16 years of expertise. Licensed at 19 and mentored by his father, a 27-year industry veteran, Andrew has been the top residential RE/MAX Realtor in the region since 2014. His dedication to relationship-building and unparalleled service has garnered a referral-driven client list, numerous RE/MAX accolades, and national recognition. Outside of real estate, Andrew is a family man, avid hockey coach, and golfer.

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