Red Deer Community Reviews

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Sales in April continued to ease over last year’s high levels, due mostly to pullbacks in the detached sector. However, like earlier in the year, sales remain well above long term trends and levels reported before the pandemic. Some of the pullbacks in the detached sector can be related to the limited choice, as the sales to new listings ratio pushed above 100 percent, causing inventories to fall to levels not seen since 2007. Overall, the shifts in the detached market weighed on city-wide figures as the months of supply fell below two months. While it is too early to say if conditions will remain this tight, should this persist, we could see more upward pressure on home prices. The average and median home prices have been trending up relative to levels reported earlier this year. However, on a year-to-date basis, total residential prices remain below the levels reported last year. Much of the decline can be related to the shifting composition of sales, as higher-priced detached homes account for a smaller share of total residential sales. On a year-to-date basis, detached home prices have posted a gain of just over one percent