Residential real estate prices continue to grow in the Central Alberta market, making this a great time for sellers to try to sell their homes.  

 

The April 2022 market update from the Alberta Real Estate Association showed growing sales, skyrocketing prices, yet depleting inventory. These are similar trends going on for months since the start of the year across Central Alberta.  

 

When you're thinking of buying or selling a house in Central Alberta, consider the local market. The many factors involved (your home’s style, its location, the local market trend) make it important to take a close look at the local market.  

 

In Red Deer, the number of sales leapt 6%, from 223 to 237, compared to last year in the same month. This upward trend has continued throughout since this year's first month.  

 
Meanwhile, the inventory has gone down 27%, from 621 to 455. House prices have gone up almost $22,000. Properties are selling fast as shown in the cumulative days on the market. It has gone down from 35 days last year to 25 this year.  

 

In Sylvan Lake, on the other hand, sales increased by 15%, from 65 to 75 this year. The number of listings has also gone down 28%, from 155 to 111. Prices are up 9% or almost $32,000. Properties are still selling fast with the cumulative days on the market going down from 28 days last year to 24 days this year.  

 
 

In Lacombe, Blackfalds, and Penhold, the following are the statistics for April.  

 
 

Lacombe:  

Number of sales – decreased 7%, from 43 last year to 40 this year  

Number of listings – down 43%, from 113 to 64  

Price – up $2,050 or 1%, from $341,950 to $344,400  

Cumulative Days on the Market – dropped 14%, from 35 to 30  

 
 

Blackfalds:  

Number of sales – up 3%, from 38 last year to 39 this year  

Number of listings – dropped 43%, from 95 to 67  

Price – increased $11,500 or 3%, from $332,400 to $343,400  

Cumulative Days on the Market – dropped 31%, from 36 to 25  

 
 

Penhold:  

Number of sales – skyrocketed to 100%, from 7 last year to 100 this year  

Number of listings – dropped 53%, from 38 to 18  

Price – increased $19,400 or 7%, from $280,500 to $299,900  

Cumulative Days on the Market – leapt 114%, from 21 to 45%  

 
 

Because supply is still low and demand is extremely high, homes are selling quickly. If sellers price their homes competitively, they'll have the best chance of a quick sale. One great piece of advice on how to properly price your home is to ask for a realtor’s help.  

 

Alberta Real Estate Associations' Chief Economist Ann-Marie Lurie, said the current sales in the province of Alberta are at an all-time high.  

 

“We are starting to see improvements in our overall economy. We see unemployment is coming down with the COVID restrictions ease,” she said.  

“We also have had higher energy prices, which as a producer, benefits our province. All these coming together really support the strong demand growth over the first quarter,” Lurie added.  

 

Meanwhile, she said the inventory remains to be an issue in the major centers in the province of Alberta. These market situations cause the prices to rise.  

 

“The sales have been so much stronger than the supply in the market. What’s the doing is that it’s driving prices to rise,” Lurie explained.  
 

Based on her forecast, she expects that the market is soon going to move to a more balanced condition later in the year.    
 

“The tight conditions will persist but the level of demand will slow down to a much more normal level, while the supply level starts to adjust,” Lurie explained.  
 

“This will limit the upper pressure on the prices. However, it’s going to take some time to see our market return to a more balanced condition given how low our inventories are,” she added saying it’s going to be a slower adjustment as we move forward to the busier seasons of the year.