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Market Updates

February Market Update

By February 18, 2022May 27th, 2022No Comments

We’re shovelling snow but the market is wearing shorts and is sitting on a patio ūüėé

Hey there!

I hope you are enjoying your start to 2022. We’ve enjoyed a new Olympic sport…driveway-ice-sledgehammering! Seriously, the ice has gotten so thick on our driveway that we brought out a sledgehammer to try and break it up…crazy right?!

Anyway, I got another email from Rank My Agent. After ranking in the¬†Top 100 Agents in all of Canada, I also got chosen as one of the¬†Best Agents in St. Albert.¬†Again, I’m humbled and honoured (and pretty sure there’s some other “Kevin Machado” out there ūüėČ
It’s all because of you…THANK YOU!¬†ūüôŹ

My monthly SHOUT OUTS / THANKFUL THOUGHTS

  • That the ice is starting to melt
  • Kelly on getting your new place!
  • Erin and Chantel…welcome to my neck of the woods!
  • Nathan and Heidi, what an honour it has been helping you sell (over list price)!
  • Joel and Joanne…YOU did it! You bought your first place…YAY!! ūüéČ
Check out our new listings here!

How’s the market?

It feels like SPRING ūüĆ∑

I know there still is about 10″ of ice on you/my driveway, but the market is acting like it’s Spring. I can tell you that every sale I have been a part of so far this year has been over list price (and all the new builds are at list price). We’ve even lost out on some homes after going more than $35k over list price!

3 Things this likely means:

1. Be prepared for more property price increases (Supply and demand)
2. NOW is a good time to start thinking about listing your home (and booking a call with me)
3. Buyers need to be ready to buy with their pre-approval from their lender in hand

It’s a busy market, but there are ALWAYS opportunities, you just need to find them (and I can help)!

Now, for the stats…

Last month’s prices for Edmonton and Area:
–¬†Single Family¬†(SF) prices are¬†UP 4.3%¬†year over year, and¬†down¬†¬†3.6%¬†month over month to¬†$445,000¬†(remember¬†these are January numbers, which is typically one of the lowest months of the year)
–¬†Condo¬†prices are¬†UP 3.7% year over year, and¬†UP¬†3.5%¬†month over month to¬†$225,000¬†

Inventory levels: SELLER’S MARKET¬†
Total Inventory sits at 4,719 properties for sale, down 14.8% from last year, and up 5% from December
Total Sales for last month were 1,337, up 14.4% from last year, and UP 1.4% month over month
Days on Market for single family homes sits at 51, down from 59 last year

Months of Inventory are now at 3.5 months of inventory
(up from 3.4 last month)

We are STILL sitting in a¬†Seller’s¬†Market
(anything under 4 months is a seller’s market)
Book a Call
Your Market Update
Your friend,
Kevin Machado
780-935-5762
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