Red Deer
Over the past eight months sales have far exceeded expectations throughout most of the year as we’ve experienced incredibly high demand from buyers over these past 8 months. Despite sales activity having now started to cool off from the record-setting pace seen earlier this year, sales in Red Deer are 70% higher than this time last year.
As the inventory started to increase, the demand softens a bit, (compared to the start of the year), we’ve seen a more balanced market throughout the summer. This has eased some buyer’s panic to purchase quickly and lowering the upward pressure on prices that we noticed in the spring.
That aside, sales in Red Deer this past August were still nearly 20% higher compared to sales in August 2020.
The real estate market is on the fast track back to stability with the listing of more houses for selling. According to a report, the real estate market will follow the national trend of price increase in 2022 along with new houses development and growing sales. We can expect a significant rise in house prices and sales in 2022 and a moderate increase in 2023.
The average real estate price is expected to be modest in 2021, growing by as much as 4 percent in 2021. Furthermore, sales are forecast to increase by as much as 15 percent in 2022 and 2023.
