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Red Deer Real Estate Market Update


Blog by Amanda Blake | March 10th, 2021


LIME GREEN REALTY'S INCREDIBLE STATS TO START THE YEAR OF 2021

Before we get into this month's market stats, check out the amazing start to the year Lime Green Realty has had! We thank you all for your continued support for the consistent year-over-year sales success. 

Lime Green Realty has currently SOLD 33 listings since January 1. At this time last year, we had sold 8 listings . A more than 300% increase from this same time period last year!  

Along with the strong listing activity, Lime Green Realty’s buyers agents have already completed a total of 16 sales this year to date, which is a 38% increase from this time last year. 

We are all very excited to see such a positive start to the year and looking forward to another great year in 2021. 

GO LIME GREEN GO!
 

LIME GREEN MARKET UPDATE MARCH 2021 

Sales in February 2021 has proven to be the strongest sales for the month of February that we have seen since 2013. 

There were a total of 135 sales in February 2021 for all single family, half duplex, townhouse and condo style properties in Red Deer last month which was nearly 71% higher than the sales in February 2020 which were at 79

Red Deer Real Estate Sales Stats Thru Feb 2021

Our year to date sales are currently sitting at 234 which is an overall 58% increase from this time last year which was at 148. 

As of March 1, there were 431 active properties for sale in Red Deer. This is a 25% decrease in inventory compared to this time last year which was at 580, and even a 10% decrease from last month. This is very unusual to see, since we often start to see inventory on the rise this time of year, as we lead into the spring months...

 The average days-on-market right now is sitting at 61 days, which is a 31% decrease from last month which was at 88 days. 

This time last year we were seeing 7.5 months of inventory and we currently only have 3 months worth of inventory on the market in Red Deer. 

We have experienced record-high demand and record-low supply to start 2021. 

Despite some employment challenges in the area, low interest rates and an increase in consumer confidence have certainly helped to support the increase in sales so far this year. While our inventory remains low, it is causing the sales-to-new-listings ratio to rise and our level of inventory to tighten to the lowest level recorded for a February, since 2015!  

What’s Selling? 

The largest volume of sales in Red Deer is occurring in the $300K-$400K price range and then the $200K-$300K price range is close behind. Many first time home buyers are taking advantage of the lower interest rates, and many current homeowners are finding it a great opportunity to sell their existing home, and move up to a larger home or property to better suit their family needs. 

Spring/Summer 2021 Outlook 

The low supply and high demand we are experiencing is likely to continue and may put upward pressure on prices in the near future. 

Should interest rates remain low and inventory continue to decrease, this upswing we are experiencing may continue to gain momentum in the coming months. The low interest rates, low inventory, high demand and continuous changes to consumer needs is what is driving our market right now. Since these factors are unlikely to change in the upcoming months, we do not expect sales to slow down in the foreseeable future.

As a buyer, it is still a great time to invest with the historically low mortgage rates, and as a seller it is an excellent opportunity to sell and take advantage of the low competition and immense demand!