LIME GREEN REALTY'S MARKET UPDATE APRIL 2024

There were a total of 157 sales in March for all single family, half duplex, townhouse and condo properties in Red Deer, which is 43% INCREASE in sales from February, where we saw 110 sales.

It is also a 7% increase in sales from March 2023.

Year to date sales are currently sitting at 357 as of March 31st, which is a 4% increase from this same time period last year.

As of April 1, there were a total of 272 active properties for sale in Red Deer, which is a 37% INCREASE from last month, however it is a 19% decrease from this same time last year...

This month, we recorded 208 new listings and 157 sales, pushing the sales to new listings ratio up to 75 per cent. This is the lowest we have seen inventory in March since 2007!

The average days on market, which measures how long on average a listed property is on the market before being sold, is currently sitting at 45 days, which has remained fairly consistent over the past couple of months.

As sales are increasing, and inventory is staying at a historical low, it has caused prices to increase by 10-15% or more, since the start of the year.

On average right now properties are selling 1% below asking price, which has tightened over the past few months. Some new listings are selling for asking price, or more, and other properties are still requiring a bit of a reduction in order to facilitate a sale.

As we move into the spring and summer market, the forecast for a potential interest rate reduction in June may create a bit more movement within the market, as inflation begins to trend downwards.

The spring housing market is expected to be “very hot” because of the pent-up demand for properties...

Many buyers have been sitting on the sidelines, waiting to jump into the market as soon as the Bank of Canada cuts interest rates.

So, if you are looking at getting into the market, now may be the best time to do so before we may see a further increase in prices, as consumer confidence regains due to interest rates lowering, creating more urgency for purchasers to enter into the market.