Sales of Red Deer residential units of all kinds were down slightly last month compared with January 2023.
The 90 sales of detached, semi-detached, rowhouse and apartments were down two per cent from a year earlier. The 13 rowhouse sales represented a 35 per cent drop over last year and apartment sales were down 38 per cent, according to Alberta Real Estate Association (AREA) statistics.
Semi-detached sales more than doubled with 17 sales, a 113 per cent increase. Detached sales were up two per cent to 52.
“January sales remained relatively stable compared to last January, as gains in detached and semi-detached activity nearly offset the declines in row and apartment sales,” says AREA in its Market Trend Summary for Red Deer.
“Supply in the market continues to pose a challenge. While new listings did improve over last month as expected based on seasonal trends, levels are still lower than last year, and inventories fell to the lowest January reported since 2007.”
The listings shortage is even more marked, considering the city’s population was around 86,000 then.
The supply of listings fell below three months in January, placing further upward pressure on home prices, says AREA. Average days to sell also reflect the sellers market. On average, homes sold in 49 days, compared with 70 a year earlier.
The average price for a detached home in Red Deer last month was $411,907, up more than 18 per cent from a year earlier. Semi-detached prices averaged $310,435, up 23 per cent; rowhouse prices averaged $223,223, down just under one per cent; and apartment prices averaged $228,875, up nearly 62 per cent.
For the whole central Alberta market, residential sales were down 17 per cent to 184 units compared with 216 units in January 2023.
January home sales in other municipalities (2023 in brackets):
•Blackfalds — 9 (6)
•Clearwater County — 0 (7)
•Innisfail — 4 (9)
•Lacombe — 10 (5)
•Lacombe County — 19 (32)
•Penhold — 3 (3)
•Ponoka — 9 (5)
•Ponoka County — 12 (14)
•Red Deer County — 52 (41)
•Rocky Mountain House — 2 (4)
•Stettler — 3 (5)
•Stettler County — 8 (8)
•Sylvan Lake — 31 (21)