Sales continue to soar in Edmonton, St. Albert, and surrounding areas.
Last month I started something new, and I’ll give you another story
I was out with good friends and clients looking at a home that was priced in the high $700,000s. In one day they had 27 showings (!!) and multiple offers! The home was quite nice (not amazing though), near the river, and the lot beautiful. We didn’t get this house but I tell the story for a couple reasons.
1. With the low rates these homes that were reserved for a select few with higher incomes have now become more affordable. We are seeing more higher priced homes sell in this market.
2. It PAYS to be priced right. Over pricing your home can lead to extended days on the market and net you less money than if you were to price it to the market and generate interest.
Bonus: 3. I have some cool friends 😎
Whether you’re buying or selling, being prepared is key. You can read more on my site about the things to do forbuyers and sellers 🙂
Last month’s prices for Edmonton and Area:
– Single Family (SF) prices are UP 13% year over year to $458,000
– Condos prices are UP 5% year over year to $230,000
Inventory levels: SELLER’S MARKET – Inventory down Sales up Total Inventory sits at 6.302properties for sale, DOWN 13% from last year Total Sales for last month were 2,441, up 109% from last year – but remember last March was that whole pesky COVID thing, to give you some context 😉 Days on Market for single family homes now sits at 37, down from 48 last month
Months of Inventory are 2.5 months of inventory.
We are sitting in a seller’s market (anything under 4 months is a seller’s market)
What does this all mean anyway?
Does this mean all home prices are going up? No.
As mentioned before, a home needs to be priced right to sell. Overpricing often ends up netting you less money.
It depends on when you purchased your home (did you buy at “high” time over the last 14 years)?
What has the neighbourhood done (some areas do better than others)?What it DOES MEAN is that you need to make sure you are making WISE decisions in this time when it comes to buying and selling. Don’t overpay for a property, and don’t make a mistake selling.I’m here to help, even just give some advice (I have grey hair now so I’m pretty sure that makes me wise 😉
April Market Update Video
Thank you for all your support!
I’m a pretty lucky guy getting to work with so many amazing people.