Red Deer bucked the provincial trend to see an increase in residential sales in October, according to Alberta Real Estate Association.
Total residential sales last month in Red Deer grew by 6.8 per cent compared to the same month in 2021, while most cities in Alberta saw a decline.
“Despite some recent pullbacks in sales over the past several months, October sales improved contributing to the year-to-date gain of over eight percent. Much of the year-to-date sales growth has been driven from gains for higher density property types,” read the October report for Red Deer on the AREA website.
Sales in Fort McMurray fell the most at 37.2 per cent, followed by a 32.2 per cent drop in Lethbridge, a 24.4 per cent drop in Grande Prairie, a 21 per cent slide in the greater Edmonton area, an 18 per cent drop in Medicine Hat, and Calgary sales fell 15 per cent.
Provincially, sales dropped 19.9 per cent compared to October 2021.
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Red Deer residential sales still ahead of last year despite September dip
Higher-density properties led the way in sales in Red Deer. The sale of row houses grew 58 per cent increase from the same month in 2021, and semi-detached homes saw a 30 per cent increase. Meanwhile, detached home sales fell two per cent.
Year-to-date sales activity in the city reached 1,786 units, an eight percent gain compared to last year. Sales across the province increased two per cent.
Alberta Real Estate Association said inventory levels in October totaled 432 units, a drop of 27 percent compared to last year, and well below long-term trends for this time of year.
The average residential sale price in the city was $320,941, down 5.1 per cent from October 2021. The average price for detached homes dropped three per cent to $376,165, the average semi-detached price was up 18.3 per cent to $271,462, prices for row housing dropped 15.7 per cent to $184,763, and apartments prices increased 8.6 per cent to $173,021.
For more details visit www.albertarealtor.ca/page/alberta-statistics.
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Canadian home sales fall for fifth month in a row, down 29% from last July: CREA
The average residential sale price in other central Alberta communities dropped to $323,515 in October from $345,878 for the same month in 2021. A total of 367 units were sold last month compared to 439 in 2021.
For more information visit Central Alberta Realtors Association at carassociation.ca.