The kids are out of school. Teachers are throwing parties.
The sun’s out and people are out walking the trails and enjoying the summer air.
Enjoy it! Have a BBQ and invite over your favourite Realtor 😉
Huge condo on the south side of Edmonton under $200k!!
2023 Market Update
Your Market Update
The upward trend continues 📈
We continue to see the upward pressure on pricing in our market. Last update we saw the single family home price top $500k for the first time this year ($501k), and now we’re at $512k (May numbers).
Months of inventory dropped down to 2.6 from 3.4 (anything under 4 months of inventory, which is our current inventory divided by that months sales – how many months at the current pace it would take to sell every home listed).
I also read this interesting article in The Owl by ATB economist Rob Roach that says Alberta is the fastest growing province in Canada with our interprovincial growth – and I can tell you the number of people contacting me about moving here from Ontario and BC (mainly BC) is quite high.
So, what does this all mean??
I THINK this means that we have quite a few good things going for our province. I believe we will be the place to be over the next while in the country with our affordability and higher quality of life. Home sellers will still need to be smart and not over-pricing their homes, and buyers need to be prepared and educated when thinking of buying (and that’s what I’m here for)!
Now, for the stats…
Last month’s prices for St. Albert, Edmonton, and Area:
– Single Family prices are UP 1.2% year over year (remember last year hit historical highs), and UP 2.3% month over month to $512,000 ($501,000 last month) –Semi-Detached are DOWN 0.7% year over year, and UP 0.9% month over month to $382,000 ($379,000 last month) – Townhomes are DOWN 4.3% year over year, and DOWN 3% month over month to $253,000 ($261,000 last month) – Apartment condos are DOWN 8.1% year over year, and EVEN % month over month to $193,000 ($192,500 last month)
Inventory levels: SELLERS’ MARKET Total Inventory sits at 7,101 properties for sale Total Sales for last month were 2,719 , DOWN 6.8% from last year, and UP 34.4% (!!) from the previous month Days on Market for single family homes sits at 40, UP from the same time last year at 24 and DOWN from 42 last month
Months of Inventory are at 2.6 MONTHS OF INVENTORY
Down from 3.41 last month
We are sitting in a SELLERS’ Market (0-4 months is Seller’s; 4-6 months is Balanced; 6+ is Buyer’s)