Get ready for a real estate rollercoaster in 2024! This year is your golden ticket to a new home adventure.
Just like a blockbuster sequel, 2024 is bringing us more of the good stuff. Following the trend from 2022, Red Deer and the surrounding area rocked low inventory levels, strong sale prices, and even some exciting price growth in certain cases. The real estate stage was set, especially for homes above $500,000, probably doing the cha-cha with the higher cost of borrowing.
But hold your horses – 2024 is kicking off with rate holds, and the forecast? The Bank of Canada is expected to sprinkle some rate declines on us. Cue the confetti!
Did you hear the buzz? In 2023, Red Deer real estate sales stole the spotlight with the 4th highest sales volume in the last decade! That's 1,842 residential MLS® sales, beating out 2022 and 2021. We even had to dust off the archives to 2014 for 2,026 sales in Red Deer.
The closing price average for 2023? A jaw-dropping $340,795, the highest in the past 10 years! Talk about a crescendo! Average closing/sale price for a house in Red Deer? A cool $410,602, soaring past the previous 9 years. Ready to ride the wave of growth? If you're thinking of selling, now's your chance to shine.
Check out this snapshot of Red Deer's historic average closing prices!
**Real Estate Supply And Demand Dance:**
2023 MLS Sales & Listings in Red Deer AB
Picture this: Red Deer and neighbouring areas grooving to the same beat. Most communities mirror sales with new listings. It's a tight supply and demand dance, and sellers are the stars. Buyers are feeling the pressure to find their dream home, with time becoming a premium commodity. In 2023, we had a surplus of tenant-occupied homes for sale. The market was a playground for quirky or tired homes, attracting landlords looking to switch up their portfolios.
Behold the yearly sales chart!
2023 was a bit softer compared to the blockbuster 2022, thanks to the rate increases tapping the brakes on the real estate market.
Now, let's talk interest rates. The Bank of Canada is playing DJ with these tunes:
| Date* | Target (%) | Change (%) |
| December 6, 2023 | 5 | --- |
| October 25, 2023 | 5 | --- |
| September 6, 2023 | 5 | --- |
| July 12, 2023 | 5 | 0.25 |
| June 7, 2023 | 4.75 | 0.25 |
| April 12, 2023 | 4.5 | --- |
| March 8, 2023 | 4.5 | --- |
| January 25, 2023 | 4.5 | 0.25 |
| December 7, 2022 | 4.25 | 0.5 |
| October 26, 2022 | 3.75 | 0.5 |
| September 7, 2022 | 3.25 | 0.75 |
| July 13, 2022 | 2.5 | 1 |
**Unlocking the Secrets of Sales by Price Range:**
Hold on to your hats – interest rate hikes put on a dazzling show for house sales above $500,000!
[Behold the magic in this chart!]
**Riding the Seasonal Real Estate Wave:**
2024 is like the summer blockbuster of real estate. Sales followed the 2022 script but cranked up the excitement late in the season. The usual snooze fest of December and January became the calm before the storm – moving in -20º or -30ºC isn't everyone's cup of tea. Throw in holiday presents and family visits, and these months are the real estate siesta.
Now that lending rates have hit a pause and might even take a dip in the spring, are you ready to make your move in 2024? Buying or selling, this year's real estate soundtrack is waiting for you!
Are you ready to make a move in 2024?
Contact us for a free no-obligation real estate consultation. We're happy to schedule an appointment for market evaluation or discuss the home of your dreams.
Enter to win FREE Pass to the Expo
Century 21 Advantage is proud to be a supporter of the Healthy Living Expo 2024.
Join us on January 27, 2024, at the Harvest Centre in Westerner Park between 10 am & 5 pm for a fun-filled and informative outing in support of healthy living.
Fun healthy lifestyle facts about living in Red Deer.
- Red Deer has 18 Neighbourhood Associations that have activity centres. These are used as skate shacks, local fitness classes and more. Learn about them here.
- Red Deer has 76 outdoor skating surfaces. The ice surface is maintained throughout the winter season weather permitting.
- The City of Red Deer has 18 different maps for a variety of outdoor activities. From the amenities at Great Chief Park, Oxbow Dog Park Map, and Victoria Park Disc Golf Map, to trail uses such as Bike Routes, and Cross country ski trails. Check them all out here.
In addition to utilizing our outdoor spaces and trails, Red Deer has a Tennis club with a year-round Tennis Dome downtown at the Rec Centre area. If you have heard about and want to try Pickleball, the city has 20 dedicated outdoor courts in the NE corner of the City south of Evergreen.
Sports options are plentiful in Red Deer as are the fitness studios, Yoga, and all kinds of fitness options. Whether you want to live near the Collicut or Rec Centre for a more active lifestyle or in a home more convenient to Pickleball or Golf. We have you covered.
Want to check out the Healthy Living Expo?
We're giving away Tickets. Enter here for a Family pass to attend the Healthy Living Expo on January 27, 2024, at the Harvest Centre in Westerner Park. Please fill out the form below or click here to open the form in a new window.
CENTURY 21 Advantage
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CENTURY 21 Advantage
4807 50th Avenue, Unit 206, Red Deer, AB T4N4A5
(403) 346-0021
INFO & SERVICES
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