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Market Updates

July Market Update

Whatcha Reading?

We all know that summer brings a slower pace. The days are longer and we find some time to actually pick up those books that have been sitting on our desk.

What are you reading? I always love a good book suggestion ūüôā
Recently¬†I have been reading “Atomic Habits” by James Clear. It is such a great book about the little consistent things that make a big difference. One of the really good lines in the book is, ““Habits matter because they help you become the person you wish to be.”

So, maybe this summer as you relax on the deck BBQ-ing hotdogs, you might give some thought to the type of person you want to be, the type of life you want to live, the type of legacy want to leave. It all starts with a little step that we take every day.

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Check out this totally renovated home in Belmont for $409,900

2023 Market Update

Your Market Update
Will we see a bit of cooling this summer? 

This year the market has progressed quite rapidly. We have been seeing quite a bit of interprovincial growth, with fewer homes coming on the market, it has led to those prices getting pushed up.

When it comes to the summer, we often see things taper off as people pack up their vehicles and head out on camping trips (we Albertans LOVE our summers!). We also had a rate announcement from the bank of Canada, bumping up their benchmark rate another 0.25%. This will also put a bit of pressure on things and we may see our prices wobble a little bit over the next couple of months.
Our average single-family price came down about 2% to $500,000. We will likely hover around this mark over the summer and see what happens in the fall.

Still, we are seeing more and more people make the smart choice to move out to Alberta, which bodes well for our economy and real estate market. We are also still in a sellers market, and multiple offers are not uncommon.

Summer brings all kinds of fun, including to our real estate market. ūüėČ

Now, for the stats…

Last month’s prices for St. Albert, Edmonton,¬†and Area:

–¬†Single Family Homes¬†prices are¬†DOWN 1.8%¬†year over year, and¬†DOWN 2.7%¬†month over month to¬†$500,000 ($512,000 the previous month)
 Semi-Detached Homes are UP 2.6% year over year, and UP 0.2% month over month to $383,000 ($382,000 last month)
РTownhomes are UP 0.7% year over year, and UP 1.7% month over month to $258,000 ($253,000 last month)
РApartment Condos are DOWN 4.9% year over year, and UP 0.9% month over month to $195,000 ($193,000 last month)

Inventory levels: SELLERS’ MARKET¬†
Total Inventory sits at 7,136 properties for sale
Total Sales for last month were 2,596 , DOWN 2.1% from last year, and DOWN 4.6 from the previous month
Days on Market for single family homes sits at 40, UP from the same time last year at 28 and EVEN from last month

Months of Inventory are at 2.7 MONTHS OF INVENTORY
 UP from 2.6 last month
We are sitting in a¬†SELLERS’¬†Market
(0-4 months is¬†Seller’s; 4-6 months is Balanced; 6+ is Buyer’s)
Your friend,
Kevin Machado