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Market Updates

April Market Update – things keep going UP!

By April 26, 2022May 27th, 2022No Comments

It nice outside…time to enjoy

Hey there!

This week I went for the first run and bike ride of the season. I know, I know, I’m a wimp and could have been running all winter, but I chose to eat cookies instead (don’t judge me). ūüć™

I hope you’re able to get outside and enjoy this beautiful weather and the joys of spring cleaning the yard.

My monthly SHOUT OUTS / THANKFUL THOUGHTS

  • The sunshine ūüėé
  • Alexa on getting your awesome home in a great location (downtown views from your house)!
  • Amanda, my good friend on working so hard and getting your home sold
  • Armando and Brianna, congrats on selling and making the move to Kelowna ‚ėÄÔłŹ
  • Kerri and Richard, what a joy helping neighbours sell, but we’re sad to see you go! Enjoy Portugal!
  • Nathan and Colleen, congrats on selling and making the move out to Kimberley!
  • Linda, what a joy it has been walking with you on the purchase of your new home
  • My amazing assistant Kim for all her help and hard work (including setting up our new office space…more info to come later on)

And of course for your continued referrals…most of my business this year has come from your referrals and from people reading the reviews on¬†Google¬†or¬†RankMyAgent

Check out these listings

Market Update

Things keep moving up and to the right ūüďą

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 5,265 properties 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 Рthe 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)
Book a Time to Chat
Your Market Update
Your friend,
Kevin Machado
780-935-5762
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