I know we have all been working on our tans, going camping, swatting mosquitos the size of bats, but the time is coming to put the trailers away and start planning kid’s lunches again.
I know, you probably just yelled at me through your computer but it’s true.
I hope you enjoyed summer to the fullest (we did our best too). We’ll see you at the rink and YEG Gymnastics 😉
If you ever wanted to get into the investment property game, this one is a gem!
$479,000 in Fort Saskatchewan for a cash flowing property already tenanted 🙂
2023 Market Update
Your Market Update
Riding the waves of the market 🌊👋
The real estate market moves a lot in waves. We see a big surge in the late winter/spring leading up to mid summer and then things taper off until early September, once all the trailers are packed away and the kids are back in school.
Looking back at your last numbers, we saw the number of sales drop off from the previous month as well as New Listings, however, the pricing remains relatively strong. Not much movement there, and we saw some nice increases for townhomes.
I imagine we will see similar things when we get August numbers, with less activity but relatively stable pricing.
As we head into September and the last quarter of the year what will we see? It’s tough to tell with rates and such but I can tell you that we are continuing to see an increase in your phone calls, and all my aunts moving into Alberta. The biggest advantage we have continually is that we have higher incomes, lower taxes, and very affordable real estate compared to other major cities across Canada. I believe we will continue to see this migration into the province, as younger people are seeking out an affordable place to live, and a great community to raise a family in.
We continue to ride the wave of real estate, with more good things to come.
Now, for the stats…
Last month’s prices for St. Albert, Edmonton, and Area:
– Single Family Homes prices are DOWN 0.8% year over year, and UP 0.6% month over month to $504,000 ($500,000 the previous month) –Semi-Detached Homes are UP 2.3% year over year, and DOWN 1% month over month to $379,000 ($383,000 last month) – Townhomes are UP 2.6% year over year, and UP 3.8% month over month to $264,000 ($258,000 last month) – Apartment Condos are DOWN 3.1% year over year, and FLAT month over month to $195,000 ($195,000 last month)
Inventory levels: SELLERS’ MARKET Total Inventory sits at 6,961 properties for sale Total Sales for last month were 2,323 , UP 14.9% from last year, and DOWN 10.4% from the previous month Days on Market for single family homes sits at 44, UP from 33 the same time last year at 28 and UP to 40 from last month
Months of Inventory are at 2.9 MONTHS OF INVENTORY
UP from 2.7 last month
We are sitting in a SELLERS’ Market (0-4 months is Seller’s; 4-6 months is Balanced; 6+ is Buyer’s)