Red Deer
There is only one development in Red Deer right now and that is a townhouse development. For a low-rise home, the median price per square foot is $264. There is a total of 124 units in it. It is a project of Avalon Central Alberta. It is at 27 Gair Close, Red Deer. Its sizes range from 900 to 1391 square feet. These townhouses have bedrooms from one to three. The prices of these townhouses fall in the range from $249,900 to over $405,900.
In February 2021, the sales have proven to be the strongest of all the sales we have seen since February 2013. The total number of sales this February is 135. It includes condo-style, townhouses, half-duplex, and single-family houses. It is almost 71 percent higher than the February of 2020 in which the number of sales was 79.
There is an overall increase of 58 percent in sales from the last year. Currently last year, the number of sales was 148 while now it is 234.
There were 431 active properties for sale in Red Deer on March 1. Currently last year there were 580 properties were for sale. This is a 25 percent fall in the inventory from the last year while a 10 percent decrease from the last month. As we lead into the spring months usually there is always a rise in the inventory which is different this year.
As of 7th April 2021, there is a total of 545 properties are for sale in the market. Out of these, the number of homes is two hundred and eighty-six. The number of townhouses is 69, while the number of condos is one hundred and one. It also includes forty-eight semi-detached homes, three multi-family homes, and seventeen land areas. The highest price property in the city is $3,999,000.00. The property with the lowest price is $24,900.00. The average price of the properties is $349,534.29. The largest sale that is occurring in the city is in the range of $300K-$400K.
The average days of a property in the market right now are 61. While the last month the average days of a property in the market was 88. So, there is an overall 31 percent decrease in the average days on market.
In Red Deer, last year we have an inventory of seven and half months currently while now we have an inventory of just three months’ worth. At the start of the 2021, the city has experienced a record low supply and record-high demand of the properties.
Due to low-interest rates and an increase in consumer confidence. An increase has been seen in the sales despite the fact that there are employment issues in the area. Due to low inventory, a rise has been occurred in the ratio of sales to new listings. Since February 2015, this year a record fall has occurred in the inventory.
