I love this time of year…
The snow is melting, warmer weather is coming, my daughter is already wearing her sandals to school 🤦♂️
SPRING feels like it’s almost here!
I know, I know…we can have things change on a dime and we can even get another blizzard, but this is the time of year when we can protest winter by leaving the snow shovels in the garage and let the warm weather melt the driveways. Let’s enjoy these warmer sunnier days and pretend it’s summer already!
A great 4 bedroom family home in Eaux Claires backing a pond with a fully finished walk out basement for $464,900!
2023 Market Update
Going in the right direction 📈
Much like we talked about last month, we are trending in the right direction. If we take a look at the indicators in our market (sales, pricing and months of inventory), these things are telling us a story.
Last year was bananas. Pricing shot up basically one year ago with pent up demand and a frenzy to buy homes as the interest rates rose. The back part of last year was slow with things coming back to earth from a meteoric rise.
Now, we are seeing our sales increase (up 31% month over month), price move up (single family homes are up nearly 2% month over month), and months of inventory drop by nearly a full month (from 5.2 to 4.4).
I believe we are in for a strong and steady spring market with the influx of people moving here (as it’s one of the most affordable cities in Canada), better news with interest rates, and warmer weather.
Get ready for the spring!
Book a call to talk more 🙂
Now, for the stats…
Last month’s prices for Edmonton and Area:
– Single Family prices are DOWN 9% year over year (remember last year hit historical highs), and UP 1.8% month over month to $459,600
– Semi-Detached are DOWN 8.8% year over year, and UP 0.7% month over month to $357,611
– Townhomes are DOWN 4.3% year over year, and UP 1.4% month over month to $251,332
– Apartment condos are DOWN 0.1% year over year, and DOWN 0.8% month over month to $187,325
Inventory levels: BALANCED MARKET …for the first time in a long time
Total Inventory sits at 5,686 properties for sale, UP 21.3% from last year, and UP 8.9% from the previous month
Total Sales for last month were 1,291, DOWN 43% from last year, and UP 31% (!!) from the previous month
Days on Market for single family homes sits at 54, UP from the same time last year at 42 and DOWN from 65 last month
Months of Inventory are at 4.4 MONTHS OF INVENTORY
Down from 5.2 last month
We are sitting in a BALANCED Market
(0-4 months is Seller’s; 4-6 months is Balanced; 6+ is Buyer’s)
Your Market Update