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!

Red Deer MLS® Average Sale Price for houses

**Real Estate Supply And Demand Dance:**

2023 MLS Sales & Listings in Red Deer AB

Central ALberta communities MLS® sales and listings for 2023

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!

Red Deer MLS® sales comparison

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!]

Red Deer MLS® sales and listings by price range

**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.

Red Deer Monthly MLS® sales 2023

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.