Sales dipped by just 5 units compared to September, which was down 30% from August, however this is reasonably normal market behaviour as we move into the fall and winter months.  

Inventory levels are very low, and as I type this we only have 217 listings on the market in Red Deer, with 58 of those currently marked pending, leaving only 159 active listings for buyers to choose from.  Inventory is especially low under $600,000 where the market is still very hot, and price points over $600,000 are still buyer’s markets, although available inventory there is also very limited.

Buyers who need to purchase quickly will likely have to settle for homes that may not be ideal, and will still have to pay premiums for those properties.  As interest rates continue to come down (speculation is currently another 0.25% drop in December), more buyers will enter the market making our inventory situation even tighter, which will lead to further price increases.

I expect the market to continue in current fashion for the foreseeable future, and I’m expecting the higher end price points (600k+) will also pick up in 2025 thanks to rates coming down.  There will also be a number of buyer’s who signed 4 and 5 year rates during 2020 and 2021 who have been in a holding pattern in their current homes, not wanting to lose their 2 and 3% rates, who will look at taking advantage of their increased equity and upgrading into more expensive properties.

If you’re interested in more detailed info on your specific segment of the market, or have any questions about your home or the market in general, please reach out through our website, or call us to book an appointment!