First Half of 2022, Market Update
How's the Market? Are things still crazy with the interest rates? If you have these questions, you're not alone. We get asked these all the time. We're happy to answer how the local market is for your home.
Upon closer look at the Supply & Demand this year, the times are a-changing.
The local real estate market got "HOT" this year. The sales volume increased to its peak in April & May. Followed by an increase in supply, as the seller's answered the call and demand started to subside.
A number of variables influence supply & demand. Weather, the Economy, jobs and the migration of workers to fill those jobs, and interest rates. The interest rates definitely impact buying budgets.
Each community in Central Alberta has benefited from the improved economy. Reviewing our slides below you'll note some similarities as well as some unique differences. See comparisons below for January 1 - June 30, 2022:
Red Deer led the way with sales and listings as one would expect due to the population size of the community
Red Deer reported 1,183 sales, and 1,652 new listings (1,183/1,652) compared to:
- Blackfalds 199/254
- Lacombe 173/230
- Sylvan Lake 331/450
- Penhold 53/69
- Innisfail 112/155
Affordability of housing remains highest in Innisfail with the average house price reported as $337,286.
Meanwhile, Sylvan Lake has the highest average sale price with $425,460 for a home.
- Innisfail $337,286
- Penhold $343,908
- Lacombe $381,850
- Blackfalds $395,411
- Red Deer $395,411
- Sylvan Lake $425,460
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CENTURY 21 Advantage
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