Skip to main content
Market Updates

November Market Update – Should you wait to buy?

Living Thankful

There are SO many things in life to be thankful for, don’t you think?

Good friends.
Good books.
A daily email that inspires (this one is all about doing the work).
Watching kids spots, and if you’re lucky enough, helping coach them (#GoStingers).
The weather! I BBQ’d in shorts and a t-shirt this weekend?!
Our jobs.
Great clients, whom I am honoured to serve, like you 😉

As we creep up on American Thanksgiving, why not take another moment to reflect on the small things we can be thankful for.

What are you thankful for?

I’d love to hear it! Send me a message or an email back if you’d like to share.

Featured Listing

A half-duplex in King Edward Park with in-law suite in the basement for only $449,900!

Your Market Update

Your Market Update
Should I be waiting to buy a home? 

As we come to the end of the year we have seen all kinds of things happen in our real estate market. We may be asking ourselves if we should just wait until the rates drop before we look at buying?

True, when the rates drop, those mortgage payments will go down, but when the rates drop, you might be competing with more people and the prices for properties may go up.

In every market, there are opportunities. Close to the end of the year buyers have opportunities to pick up properties that might be on sale, meaning if they were listed closer towards the spring or summer markets they would be worth more money. This year will likely be the same. We do anticipate more activity next year as there is more confidence put back into our market with stabilizing interest rates, and potentially lowering interest rates. this may mean our prices will go up once all the buyers are coming back.
Of course, you need to make wise decisions and getting good advice will help. I am always here to help you however I can 🙂

Now, for the stats…

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

– Single Family Homes prices are UP 1.8% year over year, and DOWN 1.4% month over month to $487,000 ($493,000 the previous month)
 Semi-Detached Homes are UP 4.2% year over year, and UP 9% month over month to $386,000 ($354,000 last month)
– Townhomes are DOWN 0.6% year over year, and DOWN 3.1% month over month to $259,000 ($267,000 last month)
– Apartment Condos are UP 8.9% year over year, and essentially UP 11% month over month to $204,000 ($182,000 last month)

Inventory levels: SELLERS’ MARKET 
Total Inventory sits at 6,259 properties for sale (6,579 the previous month)
Total Sales for last month were 1,812UP 21% from last year, and DOWN 12% from the previous month
Days on Market for single family homes sits at 43DOWN from 45 the same time last year and UP from 42 last month

Months of Inventory are at 3.4 MONTHS OF INVENTORY
 UP from 3.1 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