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May Market Update – Are 2022 prices back?

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Super cute house backing a park in Sturgeon Heights in St. Albert under $400k!!

2023 Market Update

Still Moving Up…

We are nearing levels we saw last year. Our average single family home price is back up over $500k (first time since last year’s highs). The market was moving fast and I’m curious to see if we still get this escalation in the coming months.

I THINK¬†(and yes it does hurt to think ūüėČ that we will continue to see values trend up but not at as quickly as we have been seeing. We are in the heart of our real estate market (spring summer are our peaks) so we’ll see how things play out.

Now, for the stats…

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

–¬†Single Family¬†prices are¬†DOWN 4.6%¬†year over year (remember last year hit historical highs), and¬†UP 3.1%¬†month over month to¬†$501,000 ($485,000 last month)
 Semi-Detached are DOWN 3% year over year, and UP 3.4% month over month to $379,000
– Townhomes
 are DOWN 3.7% year over year, and UP 5.5% month over month to $261,000
РApartment condos are DOWN 5.8% year over year, and EVEN % month over month to $192,500

Inventory levels: BACK to a SELLERS’ MARKET¬†
Total Inventory sits at 6,923 properties for sale, UP 7% from last year, and UP 9% from the previous month
Total Sales for last month were 2,028 , DOWN 30% from last year, and UP 11% from the previous month
Days on Market for single family homes sits at 42, UP from the same time last year at 25 and DOWN from 46 last month

Months of Inventory are at 3.41 MONTHS OF INVENTORY
 Down from 3.45 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
780-935-5762
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