Detached home sales were up 28 per cent in September in Red Deer to beat out the last sales peak in 2014.
Blake King, realtor with Big Earth Realty, said in 2014, by the end September, a total of 1,094 homes were sold. Sales in 2021 to the end of September reached 1,097.
“We had a peak in 2008. Peaked again in 2014, and after a few dreary years, we’ve had sales a little higher this year than our last peak,” said King who analyzes the local real estate market on ionrealestate.ca.
He said the most recent four-month average home price (June to September) is $336,321 and the latest 12-month average is $334,123.
He said higher sales have pushed prices a little higher and so has lower inventory.
“There seems like there’s a group of people that have sat back and decided not to list because of the pandemic. Whatever has led to that, inventory has been lower than it has been for a long time. When it’s low, it puts upward pressure on prices.”
He said some people are spending less money as a result of the pandemic, staying home more, and may be putting money into their homes, or moving.
Low interest rates have also contributed to home sales, he said.
“Real estate seems like a solid bet compared to other things, like the stock market, oil, bitcoin. Real estate is still a solid bet, or at least a comfortable one.”