In Red Deer County, a 2024-high of 898 homes were sold last month at an average price of $448,857. (rdnewsNOW file photo)

By rdnewsNOW staff

more homes being sold

Average central Alberta home price up, but Red Deer sees decrease

Oct 15, 2024 | 2:16 PM

The average sale price of a home in central Alberta hit its highest point of the year last month at $418,830, according to the later Market Report from the Central Alberta Realtors’ Association (CARA).

That’s up from $407,993 the month prior, and well up from $386,097 in September 2023. It’s not quite the $429,931 seen in September 2021, however.

In terms of units sold, September saw 468 units sold, down from 516 in August, but up from 453 units sold the same month last year.

The average number of days to sell a home in Central Alberta in September was 50, up from 45 days in August, but down from 52 days in September 2023.

In Red Deer specifically, the average sale price last month was $357,570, which is well below the $384,758 of August, and even further from the yearly high of $400,990 experienced in May.

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It is slightly higher than the $356,361 of September 2023.

When it comes to units sold in the city last month, there were 139 units sold, down from 198 in August, and 165 units sold in September 2023. There have been 1,492 units sold in Red Deer so far this year, similar to the 1,494 units sold to this point in 2023.

The average number of days to sell a home in Red Deer last month was 36 days, which compares with 35 days in August and 37 days in September 2023.

According to a national summary from Royal Lepage this week, Red Deer’s median (not average) cost, specifically for a single-family detached home, in Q3 2024 was $516,900, up from $514,600 in Q2, and well above the $466,400 median of Q3 2023.

Royal Lepage also notes the country posted modest year-over-year appreciation in the third quarter, but decreased slightly from Q2 to Q3.

Highlights from the Royal Lepage Q3 2024 Home Price Update & Market Forecast:

• The national aggregate home price increased 1.6% year over year to $815,500 in the third quarter of 2024, and decreased 1.1% quarter over quarter.
• The median price of a single-family detached home increased 2.0% year over year to $850,400, while the median price of a condominium increased 0.5% to $590,200.
• Greater Montreal’s aggregate home price increased 5.2% year over year in Q3 2024, while the greater Toronto and Vancouver markets remained flat, rising a modest 0.7% and 0.5% respectively.
• Royal LePage expects home prices to remain stable through Q4 and predicts a pull-ahead of the spring market on the expectation of continued easing of lending rates.

“With rates dropping, we see positive signs for sidelined buyers. As confidence grows and buyers anticipate rising prices, we expect a significant increase in activity,” said Phil Soper, president and CEO.

“Given the building demand – both organic and from immigration – the 2025 spring market may start as early as late January or early February, a pull-ahead phenomenon we’ve seen in previous market turnarounds. The stage is set for a busy year ahead.”

Total listings on royallepage.ca also reached a historical high in September, up 19 per cent year-over-year, Soper added.

Elsewhere in central Alberta last month:

(Community – Units Sold – Avg. Sale Price – Avg. Days on Market)

Blackfalds – 208 – $404,585 – 31

Innisfail – 126 – $309,272 – 51 (for 2024)

Lacombe – 189 – $416,697 – 41

Penhold – 68 – $371,000 – 30

Ponoka – 125 – $292,188 – 50

Red Deer County — 898 — $448,857 — 55

Rocky Mountain House – 114 – $321,500 – 73

Stettler – 98 – $309,909 – 34

Sylvan Lake – 373 – $432,522 – 51

More numbers from around central Alberta can be found at carassociation.ca.

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