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Market Updates

August Real Estate Market Update

Enjoy summer to the last drop ūüėé

I hope you are getting the opportunity to enjoy all that our summers have to offer. The beautiful long summer days making you want to stay up late (for me 10pm is late…I’m an old man ūüėČ and spending time with family and friends. We have much to be grateful for living where we live, so enjoy it…and eat lots of ice cream!

My monthly SHOUT OUTS / THANKFUL THOUGHTS

  • Simon, Beth, and Tyrone on selling your investment property
  • Daniel R on getting your place sold!
  • Daniel W on getting YOUR place sold too ūüėČ
  • Liz and Peter on selling your place in multiple offers…that was fun!
  • Kenneth and Cecilia on buying a gorgeous home for your family and getting yours sold (in multiple offers too)!
  • Erin Machado…you me pushed hard but in the end you let me sell our house…now it’s time to pack!

I’m so grateful. Thank you!

Have you seen our newest listings?

Your Market Update

Be thankful we live in Alberta.

You’ve probably read articles of home values dropping or sales falling off a cliff. We know that what get’s people to click on articles or to buy the story isn’t boring news but rather something scary. “Man jumps in water with Shark…what happens next will amaze you”, or “Look at these cute baby kittens!!” are what these outlets are competing with.

Yes, nationally, we have seen prices and sales drop. Some sellers in Ontario have seen their property values come down by $100k in the last 6 months (of their million dollar properties). It is real and mortgage rates are having an impact, but not as bad as the news makes it seem…and especially not as bad here in Alberta.

When we look at our property values, we are STILL up year over year by 5% and only came down 1% month over month. We didn’t see the 70% increase over the last couple years some places have seen, and I don’t believe we will see the same kind of decreases of those places either (neither does ATB Economist Rob Roach).

Our property values are one of the cheapest for a metropolitan centre in Canada. Our taxes are low. Our economy is moving along with some renewed strength. The government is starting campaigns to attract more people here.

There are a lot of good things happening here. Yes, there are some choppy waters to navigate, but having the right context, information, and people in your corner (of which I hope I can be one ūüôā will do nothing but help you sift out the wheat from the chaff.

Want to chat? Book a call!

Now, for the stats…

Last month’s prices for Edmonton and Area:
–¬†Single Family¬†(SF) prices are¬†UP 5%¬†year over year, and¬†DOWN¬†0.9%¬†month over month to¬†$489,00
–¬†Condo¬†are¬†DOWN 3.7%¬†year over year, and¬†DOWN 4.4%¬†month over month to¬†$229,000

Inventory levels: BALANCED MARKET …for the first time in a long time
Total Inventory sits at 8,325 properties for sale, UP 0.3% from last year, and UP 3.8% from last month
Total Sales for last month were 1,975, DOWN 10.3% from last year, and DOWN 23.9% from last month
Days on Market for single family homes sits at 33, UP from last month at 27 and the same as last year at 33

Months of Inventory are at 4.2 MONTHS OF INVENTORY 
up from 3.1 MOI last month
We are sitting in a BALANCED Market
(0-4 months is¬†Seller’s; 4-6 months is Balanced; 6+ is Buyer’s)
Your Market Update
Your friend,
Kevin Machado
780-935-5762
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