Yes, this month was my birthday! I turned a ripe old 39 and had the most amazing time with my family, texts and calls from clients, and enjoying the beautiful weather 😎. Not to mention, my daughter Luci turned 14 yesterday 🤯.
Things are getting crazy around here!
I know many of you sent me kind words for my birthday and I am so grateful to have so many wonderful people in my life!
I’m wondering if you may be willing to give me a late birthday gift? Would you mind voting for me in St. Albert’s best Realtor? No pressure, but I would sure appreciate it.
The market has been making moves from our high point in the spring when everything with a door was selling over list price. Now, things have cooled and the buyers are the ones with more power.
The interest rates have jumped up to 5% for a 5 year fixed (up from 2% earlier this year).
More inventory is coming to the market.
It’s taking longer to sell.
Sellers are making mistakes on overpricing their homes and are having to settle for quite a bit less.
Now, our market is holding relatively steady when you compare it to other markets around Canada. Yes, we have come down on our month over month prices, but year over year we are still up.
No one has a crystal ball, but I would anticipate “more of the same”. We have another rate announcement later this month, which will likely put more pressure on prices. We do have good inter-provincial growth occurring as people are moving here, which means they will need housing at some point (rents are climbing higher and higher, btw).
I would say over the next 6-12 months we will see our market continue on a flat or slightly down trajectory. Once the inflation numbers are better and the bank will lower the interest rates, that is when we could see some really good things happen here, with the building strength we’re seeing in the province.
Overall – buyers, you likely are going to see some of the cheapest prices of the year in the coming months.
Sellers, you’re going to have to be really smart in how you sell your home now. Putting a sign on the lawn, choosing a number out of a hat, and praying it will sell won’t cut it anymore. You need a proven strategy to get it sold.
As always, I’m happy to chat more about any of these thing, or coffee, or U13 hockey coaching strategies 🙂
Last month’s prices for Edmonton and Area:
– Single Family (SF) prices are UP 2.2% year over year, and DOWN 1.2% month over month to $463,000 (we were at $489,000 in July)
– Condo are DOWN 1.9% year over year, and DOWN 0.2% month over month to $220,000
Inventory levels: BALANCED MARKET – equal opportunity for buyers and sellers Total Inventory sits at 7,729 properties for sale, DOWN 0.5% from last year, and DOWN 4.8% from last month Total Sales for last month were 1,809, UP 1.2% from last year, and DOWN 2.4% from last month Days on Market for single family homes sits at 44, UP from last month at 37 and the same as last year at 38
Months of Inventory are at 4.8 MONTHS OF INVENTORY
up from 4.3 MOI last month
We are sitting in a BALANCED Market (0-4 months is Seller’s; 4-6 months is Balanced; 6+ is Buyer’s)