October 2022 Red Deer MLS® Market Update
The Red Deer real estate market has certainly been experiencing a little bit of everything thing year. From a very robust spring to several interest rate increases the impacts of which we expected to see.
Upon first glance, the above chart looks "normal". It has the usual seasonal trend with a rise and fall in listings and sales volumes. The difference was actually in October. Where the sales volume increased over September.
This bump-up in sales activity goes against the expectations that the rising interest rates would deter more buyers. It could be the announcement created a bit of a rush. This combined with above seasonal temperatures throughout October, buyers were out in full force finding the right home before those rates increased again and before the snow flys.
A look at the sales of the last few years, the sales volume for October 2022, exceeded the previous years. The increase in sales combined with the lower listing volume creates a more "balanced" market dynamic. This is positive news for sellers and shows buyer confidence.
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CENTURY 21 Advantage
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