Will The Red Deer Real Estate Market Continue It's Hot Trend This Summer?
The real estate market in 2024 continues the positive trend we’ve seen in the last couple of years. Then this spring it was a kick-it-up-a-notch dynamic. The demand for Red Deer real estate hit a frenzied level this spring. If you were searching for a home you may have experienced the race to the door followed by a bidding war to secure the home.
This is certainly an uncomfortable dynamic for buyers. It causes a lot of stress and anxiety as buyers often feel rushed into a decision, or feel compelled to strengthen their offer by eliminating conditions.
Conversely, sellers were loving the new dynamic. In the past, sellers may have felt like they had to give away more than they wanted to and were exhausted by how long the process was. This spring we’ve seen a dynamic more similar to 2006 and 2007. Rising prices, and homes that need a little extra maintenance, new shingles, paint, or are worn out from tenants occupying don’t matter as much to get a sold sign.
Now don’t get me wrong. Completing those to-do list items helps. The difference this season is more money in your pocket. Compared to previous years where it was a necessity to get your home sold.
What was/is the cause of this heated market? A lot of factors are at play that have led to the heated real estate market. I’m no economist, but I do know that there was very little supply of homes for sale and an abundance of demand (buyers). The million-dollar question is, where are all the buyers coming from, and why?
Did you know that May recorded the highest average sale price for a house in Red Deer? The average price of a house (single detached home) reached $479,995. Year to date the average is sitting at $451,196.
Is the ride over?
No, not at all. The ride is just slowing down a little.
We experienced a typical spring market. Where for sale signs started popping up faster than dandelions. Now that summer is here, it's normal that we experience a slower pace. We can expect that we still have a strong summer, but not at the same hectic pace experienced in April & May. June sales volume was still robust, and slightly below 2023 June's level by 4.4%. Year To Date, sales still exceed previous years.
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