Hello,
What a year 2022 has been so far. I want to thank so many of you for reaching out this year to discuss your plans and ask questions about your real estate needs. Whether you plan on buying or selling I enjoy the opportunity to meet with you and discuss how I can help. Whether or not now is the right time for you to sell or buy is a free personalized consultation. If you've been hanging onto a rental property waiting for the market to improve you might be wondering "is now the time to sell?"
We are in a "Sellers" market for some property types and price ranges, while the rest of the market appears to be more balanced. So, contrary to headlines and rumours, not every home is flying off the shelf. Red Deer continues to be Single Family Detached market dominant. The translation: We sell more houses, and houses are the preferred or more popular style of housing. Townhouses, half-duplexes, and apartment condos all have their unique nuances within the market. ALL property types are seeing an improvement over previous years with the improved economy and real estate market.
The robust sales volume we saw in 2021 continues in 2022 and, in some cases, is even stronger. The months of inventory on hand (homes for sale) have decreased from 6 months of inventory in 2020 to 2 months in 2022. This is reflected in the ACTIVE listing numbers. At the end of April 2022, there were 455 active listings compared to 598 in 2020.
Should I Buy Red Deer Real Estate Now & Sell Later?
Whether or not now is the right time to buy Red Deer real estate or sell your home is a personal decision based on common market factors and a whole bunch of local, and personal factors.
There is no way that I know how your credit is, income, job status, savings account etc... unless you reveal all. I do know what the market is doing, and based on what we see I can state that if you were timing the bottom of the market, well, that ship has sailed.
2021 was a rebound and recovery year that homeowners have been hoping for, for a very long time.
Sales volume is one good indicator as to whether or not there is a change in supply & demand. An increase in demand and overall growth in the number of homes sold is a positive sign that you should consider investing in real estate.
So, yes, the number of homes sold has turned around dramatically, has that influenced the price at all? Have prices gone up? Ar they going to go up?
Yes, there was significant growth in the average price. The average price displayed includes ALL residential property types. Red Deer remains dominant with Houses as the preferred property type. The price of a house in Red Deer still remains affordable.
In Summary
Red Deer real estate in 2021 finished with:
- Average house price of $380,345.00 which was 7.7% higher than 2020
- There was a grand total of 1,899 homes sold in 2021 compared to 1,262 in 2020
- The inventory level also was higher with 2,957 homes listed for sale in 2021, and in 2020 there was 2,392.
If you're considering a move in 2022 or thinking now is the time to enter the real estate market, the positive dynamic supports those decisions. If you'd like a consultation to discuss your particular situation, we offer FREE no-obligation consultations and market evaluations for anyone thinking about buying or selling. feel free to call or text Patrick at (403) 357-9142.
CENTURY 21 Advantage
Suite 203, 4807 50 Ave, Red Deer, AB T4N 4A5
Office: (403) 346-0021
Cell: (403) 357-9142
patrick.galesloot@century21.ca
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