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Market Updates

April Real Estate Market Update: Things Escalated Quickly!

Spring is here!

I hope you are loving this weather as much as we are! Walking the trails, going for runs outside, getting slurpees, and soaking up the sunshine…you’ve GOT to love this weather and it makes everything better!

Soak it up…and have a slurpee šŸ˜‰

2023 Market Update
That escalated quickly! šŸ“ˆ

Last month I was assuming we would see our market move towards a Seller’s Market and that things would move slowly and steadily up. Well, I was wrong. We saw nearly a 6% increase between February and March! That was quite a jump for our average single family homes in the Edmonton, St. Albert and surround area.

I think we’re going to continue to see prices increase and inventory remain tight. I don’t think we will see prices continue to jump nearly 6% every month (I have been wrong before though), but I think this Seller’s Market is going to continue throughout slurpee season (ie. summer).
Now, for the stats…

Last month’s prices for Edmonton and Area:
– Single Family prices are DOWN 6.4% year over year (remember last year hit historical highs), and UP 5.7% month over month to $485,000 ($459,600 last month)
– Semi-Detached are DOWN 4.1% year over year, and UP 2.2% month over month to $365,000
– Townhomes are DOWN 7.4% year over year, and DOWN 1.4% month over month to $248,000
– Apartment condos are DOWN 5.2% year over year, and UP 2.9% month over month to $192,000

Inventory levels: BACK to a SELLERS’ MARKET
Total Inventory sits at 6,333 properties for sale, UP 22% from last year, and UP 11% from the previous month
Total Sales for last month were 1,834, DOWN 44% from last year, and UP 42% (!!) from the previous month
Days on Market for single family homes sits at 46, UP from the same time last year at 28 and DOWN from 54 last month

Months of Inventory are at 3.45 MONTHS OF INVENTORY
Down from 4.4 last month

We are sitting in a SELLERS’ Market
(0-4 months is Seller’s; 4-6 months is Balanced; 6+ is Buyer’s)

Your Market Update

Your friend,
Kevin Machado