This absolutely stunning Lake Home on Lac La Nonne. It is straight out of a magazine…seriously!
Listed at $950,000
2023 Market Update
The Bank of Canada raised their rates once more by another 0.25% setting their new benchmark rate up to 4.5%. They did signal that this would likely (although we can never be sure) be the last increase for the foreseeable future.
We had a slower last quarter with sales dropping 26% year over year, ending off last year. What I can say is that we are starting to see more buyers and listings come to market, especially people from out of town moving into our province – a trend I believe we can expect for the rest of 2023.
I think we’ll see a slow build up in the coming month or two as we see confidence and strength continue in our market.
Last month’s prices for Edmonton and Area:
– Single Family (SF) prices are DOWN 1.1% year over year, and DOWN 0.6% month over month to $457,000
– Condo are DOWN 4.6% year over year, and DOWN 4.4% month over month to $207,000
Inventory levels: BALANCED MARKET …for the first time in a long time Total Inventory sits at 5,018 properties for sale, UP 6% from last year, and DOWN 21% from the previous month Total Sales for last month were 973, DOWN 26% from last year, and DOWN 22% from the previous month Days on Market for single family homes sits at 52, UP from the same time last year at 27
Months of Inventory are at 5.1 MONTHS OF INVENTORY
We are sitting in a BALANCED Market (0-4 months is Seller’s; 4-6 months is Balanced; 6+ is Buyer’s)