Detached home sales in Red Deer nose-dived in May.
The 110 sales recorded last month represent a 24 per cent drop from May 2024, according to real estate statistics provided by the Alberta Real Estate Association. For the first five months of the year, there have been 447 sales, which is down seven per cent year-over-year.
Overall, residential sales of all types (detached, semi-detached, rowhouses and apartments) are down 18 per cent in May with 185 sales and down six per cent through five months with 735 sales.
There were 23 semi-detached sales in May, which is up five per cent and the only category to see an increase. Apartment sales were down 15 per cent on 23 sales and rowhouse sales were down 12 per cent on 29 sales.
Year-over-year, semi-detached sales have fallen 24 per cent to 71 sales. The 108 rowhouse sales, represent a six per cent drop, Apartment sales are up 12 per cent with 109 units changing hands.
Prices have also stabilized. The average $474,500 price of a detached home is down 1.1 per cent from May 2024, and semi-detached prices have risen slightly to $358,633, which is a 1.8 per cent increase.
Rowhouse average prices remain strong at $292,597 – 21.2 per cent from a year ago, and the average apartment price of $226,778 is up 5.8 per cent year-over-year.
The inventory situation, which has been a drag on the sales market for about two years, improved slightly. With 236 new listings and 185 sales, the sales to new listings fell slightly to 78 per cent and months of supply was up 13 per cent to 1.48 months. However, inventory levels remain low – down 16 per cent year-to-date and seven per cent year-over-year.
Province-wide, residential sales of all kinds are down eight per cent year-over-year to 32,707 sales. Detached home sales are down six per cent to 19,623, semi-detached down five per cent to 3,079, and apartment sales down 19 per cent to 5,319.
