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Market Updates

May Market Update – The Market Remains STRONG

By May 24, 2022May 27th, 2022No Comments

Things may busy, but don’t forget to enjoy life

Hey!

If you’re anything like me I know this time of year can get crazy. The finish line for teachers and kids is in view, work projects are ramping up for summer, sports (like YEG Gymnastics) are still happening.

I hope in the middle of all your craziness you are able to find moments to rest and reflect. Journal about gratitude, go jump on the trampoline with your kids, send a card to a friend, watch a sunset, go to the lake and turn off your phone (that’s a hard one)!

Whatever craziness you find yourself in, I hope you find time to continue to fill your life with good things. ✌️

My monthly SHOUT OUTS / THANKFUL THOUGHTS

  • Long weekends 😎
  • Being named one of Western Canada’s top 100 Remax agents for last month 🙏😮
  • Matthew and Amanda, on selling your land and buying a stunning home!
  • Blaine and Oksana on selling your condo
  • Donna on selling your place and buying a great property downtown St. Albert
  • Rhonda and Moses on your new place!!
  • Scot and Christine on selling your place and buying another awesome one!
  • Tina and Barry on selling your acreage and getting the next one that I know you are going to make BEAUTIFUL!
  • Simon and Emilie, congrats on selling your home so quickly and for so much!!
  • Jill and Cody on selling your duplex!!

Congratulations everyone!!

Check out these listings

Market Update

Are market is still moving along strong 💪

With the inter-provincial migration in and the relative value we have here in Alberta compared to the rest of Canada we are still seeing our pricing move up (to $511,000 for the average single family home).

An interesting item to watch is that our sales volume is down month over month but still up year over year. We all know demand pushes pricing, so it will be something to watch over the coming months. Our days on market are down to 23 for single family homes, which means homes are spending less time on the market. We are still seeing homes sell quickly and we are still seeing many multiple offer situations.

It’s a dynamic market and one we are keeping our eye on, but it is still strong (in fact it is currently one of the hottest markets in Canada).

Now, for the stats…

Last month’s prices for Edmonton and Area:
– Single Family (SF) prices are UP 11% year over year, and UP 1.4% month over month to $511,000
– Condo prices are UP 3% year over year, and DOWN 2% month over month to $237,000
– the condo increase we saw last month retreated a bit, but still better than last year

Inventory levels: SELLER’S MARKET 
Total Inventory sits at 6,468 properties for sale, DOWN 13% from last year, and UP 22% from March
Total Sales for last month were 2,919UP 2% from last year, and DOWN 10% from March
Days on Market for single family homes sits at 23, down from 27 last month and 30 last year

Months of Inventory are at 2.2 MONTHS OF INVENTORY 
up from 1.6 MOI last month
We are STILL sitting in a Seller’s Market
(anything under 4 months is a seller’s market)
Book a Time to Chat
Your Market Update
Your friend,
Kevin Machado
780-935-5762
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