Central Alberta residential sales are up sharply this year although Red Deer’s gains are more modest.
Through March, there were 1,112 residential sales of all kinds in the region up nearly 22 per cent from the 914 sales over the same period in 2023, according to Multiple Listing Service statistics provided by Central Alberta Realtors Association (CARA).
In Red Deer, the 357 residential sales through three months was up four per cent from a year ago. The semi-detached market is hot with the 50 sales so far this year up 39 per cent over last year. There were 206 detached home sales, up one per cent.
Apartment sales are up seven per cent to 46 and the 55 rowhouse sales represent a 10 per cent drop, according to Alberta Real Estate Association (AREA) numbers.
Month over month, March residential sales of all kinds were up seven per cent in Red Deer to 157 and about 10 per cent in the region to 484 sales from 438 a year ago.
A shortage of inventory continues to be the story in Red Deer, says AREA in its Market Trend Summary. There were 208 new listings in March but the 157 sales quickly bit into inventory.
“This prevented any significant change in inventory levels, which are currently below 300 units – the lowest for the month of March since 2007.”
Red Deer has less than a two month’s supply of homes, which pushed up average house prices by 11 per cent to $347,293 in March.
A similar trend was reflected recently in a provincial survey by real estate advisors at calgaryhomes.ca. The average home price jumped nine percent in Red Deer, which pushed prices up by $28,083 to $340,114, according to data analyzed from the Alberta Real Estate Association and the Canadian Real Estate Association from February 2023 to February 2024.
Red Deer’s increase was the fourth highest among seven Alberta cities surveyed, including Calgary, Edmonton, Fort McMurray, Grande Prairie, Medicine Hat and Lethbridge. Calgary led the pack with a 15.1 per cent house price jump year over year.
House sales have soared province-wide this year. Through March, 17,708 residential sales of all kinds have gone through, an increase of 26 per cent over the first quarter 2023.
“Sales improved across all property types and were well above long-term trends for the first quarter,” says AREA.
Central Alberta sales through March by community. (Last year in brackets)
•Blackfalds 50 (44)
•Innisfail 34 (36)
•Lacombe 50 (37)
•Penhold 10 (23)
•Ponoka 30 (23)
•Rocky Mountain House 17 (22)
•Stettler 26 (26)
•Sylvan Lake 112 (95)