July 2024 Central Alberta Market

by Cindy Dooley

Red Deer Real Estate Market - July 2024:

Available Inventory: The number of properties for sale in Red Deer increased to 241 as of July 15, 2024, up from 233 in June.
Sales Activity: The average number of homes selling each month remained steady at 205, unchanged from June.
Months of Inventory (MOI): The MOI slightly increased to 1.17 months, indicating a continued seller's market.
Detached Homes: For detached homes specifically, there were 173 properties for sale, with an average of 130 homes selling each month.
Market Conditions: Red Deer remains in a strong seller's market, with the MOI well below the 3.9-month threshold.
Price Statistics:
- Highest Price: $3,800,000
- Lowest Price: $67,900
- Average Price: $490,052
- Property Types:
  - Apartments: 51 listings
  - Condos: 61 listings

Alberta Housing Economy:

Price Trends: Alberta's real estate market, including Red Deer, is expected to outperform the national average, with a forecast gain of 4.8% compared to 2023.
Migration Impact: Alberta continues to experience significant population growth due to interprovincial and international migration, supporting housing demand.
Market Stability: The market shows signs of stabilization, with a balance between supply and demand, reducing the chances of a housing bubble.
Economic Factors: Improvements in oil prices and energy sector policies are contributing to economic revitalization, positively impacting the real estate market.
Inventory Forecast: Realtors are anticipating an increase in inventory by Spring 2024, which could affect market dynamics.

Overall, the Red Deer real estate market in July 2024 remains competitive with low inventory and steady sales, maintaining a seller's market. The broader Alberta housing economy continues to benefit from strong migration and economic factors, supporting price growth and market stability.