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…
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!
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 2,539, DOWN 4.6% from last year, and DOWN 9.2% from May Days on Market for single family homes sits at 27, UP 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)