We continue to see high demand in our market pushing pricing up (nearly 10% y/y) and competition with out of town buyers increasing.
Did you know that for the first time ever we have reached an average sale price for the Edmonton and surrounding area of over $500,000? Also, did you know that the average single-family home across Canada is $800,000?!
Every couple days it seems I am getting phone calls from people across Canada looking to buy in our market because it is one of the most affordable major cities not only in Canada, but in all the world!
I believe we will continue to see strength throughout this y although we will see what the interest rate increases will due to demand. We have not seen a change yet but we will know better in the coming months.
Now, for the stats…
Last month’s prices for Edmonton and Area:
– Single Family (SF) prices are UP 9.9% year over year, and up 2% month over month to $504,000
– Condo prices are UP 6.7% year over year, and UP 8.4% month over month to $245,000 – that’s a big increase for condos and something to watch if it becomes a trend
Inventory levels: SELLER’S MARKET Total Inventory sits at 5,265properties for sale, UP 10% from last year, and DOWN 21% from February Total Sales for last month were 6,869, UP 34.7% from last year, and UP 45.6% from February Days on Market for single family homes sits at 27, down from 42 last month and 37 last year
Months of Inventory are now under 2 months at 1.6 MONTHS OF INVENTORY – the lowest levels we have see in a long time
We are STILL sitting in a Seller’s Market (anything under 4 months is a seller’s market)