Is now the best time to buy real estate?
Here are a few key performance indicators that help answer that question. Here is a look at the "house" market or properties defined as "single-family detached".
The monthly market is showing characteristics of being balanced and in some cases a "seller's" market.
| Month | MLS Sales | New Listings | Ratio |
| Jan | 51 | 94 | 54.26% |
| Feb | 63 | 101 | 62.38% |
| Mar | 88 | 148 | 59.46% |
| 202 | 343 | 58.89% |
The Red Deer and area real estate market is said to be "balanced when the demand, or sales, is between 45 - 60% of the new listing volume. When the demand is consistently above 60%, there is little carry-over of unsold listings month to month. This can also be deflected in the Days on Market or Days to Sell numbers.
The average days to sell for Red Deer real estate have been declining with a stronger real estate market. The median days to sell for the Month of March was only 23 days!
This means 50% of the homes have a value smaller or equal to the median and 50% of the homes have a value higher or equal to the median.
Despite increases in the interest rates for mortgages, home prices remain strong, and have some modest growth compared to previous years. The average sale price of a house in Red Deer, in March 2023, rose to $403,743. An increase of 2.5% over 2022 levels.
The bottom line is, the best time to buy a house is up to you. as the best time to buy a house will vary for every prospective buyer.
However, if you're concerned about a declining market, that certainly doesn't appear to be the case. The real estate market in Red Deer is resilient.
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