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Market Updates

July Market Update – Steady into Summer

By July 20, 2022August 15th, 2022No Comments

Steady into summer ☀️

School is out, patios are filling up, and everyone is cramming as much summer as we can into these beautiful months.

Enjoy biking on the trails, going for walks, and binge-watching all my latest videos 🙂

My monthly SHOUT OUTS / THANKFUL THOUGHTS

  • School’s out for summer!!
  • Being the #1 agent in my Remax office for June
  • Shamus, Ryley, and Sarah on getting another property to turn into something AWESOME!
  • Jon on selling your place and moving out east…thank you for your service!
  • Autem and Tian on your patience in getting your place SOLD!
  • Courtney and Brett on landing a beautiful home in St. Albert for you and Moose 🙂
  • Sharon on getting your townhome deal done
  • Jason and Carmen on selling your condo in a building with tons for sale!
  • Clarke and Belinda on finding your first home here in town!
  • Dave and Berrie…I cannot wait to see what you do with your new place!
  • Liz and Peter on finding a home in your perfect neighbourhood!
  • Gene and Kate on getting your condo sold too!

THANK YOU! 🙏

These homes are pretty great!

Market Update

Is everything going crazy out there?

As we continue through our summer there are some interesting things going on. Interest rates continue to rise (and will likely keep rising with the next increase to come in September…likely another 0.5%) to try to battle inflation (our latest numbers are 8.1% largely driven by food and gas). It’s getting more expensive to buy those mangos and fill up the van!

When it comes to our real estate market, things are still ticking along. Our prices are up 4.5% year over year for single family homes to $494k. What we are seeing is the number of sales beginning to fall off from last year, BUT our sales for June were the second highest June in the last 5 years, so still good. My advice…

Use wisdom.

When navigating this market, be wise. Make smart decisions to find your home. If your investor, make really well informed decisions and be ok with multiple outcomes.

When listening to the news, be wise. There will be lots of negativity out there, focus on the good, challenge assumptions, and find the real data (I can always help with that 😉

I’m here to help you, so don’t be afraid to reach out for advice!

Book a Time to Chat

Now, for the stats…

Last month’s prices for Edmonton and Area:
– Single Family (SF) prices are UP 4.5% year over year, and Up 0.3% month over month to $494,000
– Condo are DOWN 1.6% year over year, and DOWN 1.3% month over month to $238,000

Inventory levels: SELLER’S MARKET …STILL
Total Inventory sits at 8,057 properties for sale, Down 3.5% from last year, and UP 6.8% from May
Total Sales for last month were 2,539DOWN 4.6% from last year, and DOWN 9.2% from May
Days on Market for single family homes sits at 27UP from last month at 23 and down from 28 last year

Months of Inventory are at 3.1 MONTHS OF INVENTORY 
up from 2.1 MOI last month
We are STILL sitting in a Seller’s Market
(anything under 4 months is a seller’s market)
Your Market Update
Your friend,
Kevin Machado
780-935-5762
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