Central Alberta residential MLS sales in March were up 36% compared to February while the number of active listings only increased by 12%. The sales to listing ratio was 44% representing another strong seller’s market. The number of sales in March 2024 were almost exactly the same as March 2023 while year to date sales in 2024 are up 7.5% compared to 2023.
We know that residential prices have been consistently going up the last three years, but It’s difficult to calculate exactly how much. Average and median prices are not exact science but do show the trend. The combined median price for all MLS residential sales in Red Deer, Blackfalds, Lacombe, Ponoka, Sylvan Lake, Rocky Mountain House, Penhold and Innisfail is up 14.7% from 2021 to the first quarter of 2024 while the average price is up 15.24%. In Red Deer the median is up 11.7% and the average is up 10.8% for the same time period.
All of the markets we service are seller’s markets except Rocky and Three Hills and those two markets are balanced by CMHC’s definition. All indicators point to a continued strong real estate market which ultimately means higher prices. And those coming interest rate reductions will drive prices even higher until supply and demand start to balance out. That will require new housing construction which is starting to show some traction, but will take some time yet.
We know that residential prices have been consistently going up the last three years, but It’s difficult to calculate exactly how much. Average and median prices are not exact science but do show the trend. The combined median price for all MLS residential sales in Red Deer, Blackfalds, Lacombe, Ponoka, Sylvan Lake, Rocky Mountain House, Penhold and Innisfail is up 14.7% from 2021 to the first quarter of 2024 while the average price is up 15.24%. In Red Deer the median is up 11.7% and the average is up 10.8% for the same time period.
All of the markets we service are seller’s markets except Rocky and Three Hills and those two markets are balanced by CMHC’s definition. All indicators point to a continued strong real estate market which ultimately means higher prices. And those coming interest rate reductions will drive prices even higher until supply and demand start to balance out. That will require new housing construction which is starting to show some traction, but will take some time yet.
RED DEER
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SYLVAN LAKE
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PENHOLD
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