School and Sports and Nominated for St. Albert Votes…OH MY!
We are fully back in the swing of things.
The trailers are packed away. Time at the beach, even in Jensen Lakes, is waving goodbye, and we’ve welcomed back school and sports like we never left. I’ve even been roped into being the head coach of my son’s U13 hockey team (poor kids, they don’t know what they’re in for, lol)!
It’s a good reminder to enjoy every moment. Soak in the sunsets and eat more ice cream (or pumpkin spice lattes are back I hear).
I always say how grateful I am to work with such amazing clients who spread the word about me. I’m a pretty lucky guy.
You’ve probably noticed things are starting to change around here. Maybe those “For Sale” signs are hanging around a bit longer as you stroll through the neighbourhood and there’s not a lineup of 10 agents waiting to get into a house that was just listed.
With the Bank of Canada raising the Overnight Rate to 3.25% and Prime Rate now sitting at 5.45%, it has put some pressure back on our market.
Our market is BALANCING out, shifting from a Seller’s Market to a Balanced Market (equal opportunities for buyers and sellers). Yet, our prices are still UP year over year (1.8%) but down from our highs earlier this year when everything was going crazy. We will likely see prices continue on a similar trajectory over the next 6+ months, so there could be some good opportunities for buyers. Sellers will need to make sure they are following things astutely and being in line with the market to make sure you can sell and not just put-it-for-sale-and-sit.
As mentioned last month, these are interesting times and having the right advice (“Should I sell, buy, hold, invest, buy cans of Spam??”) will no doubt help save you stress and likely thousands of dollars!
Don’t hesitate to reach out if you have any questions at all!
Last month’s prices for Edmonton and Area:
– Single Family (SF) prices are UP 1.8% year over year, and DOWN 4.1% month over month to $469,000 (we were at $489,000 in July)
– Condo are DOWN 3.3% year over year, and DOWN 4.2% month over month to $220,000
Inventory levels: BALANCED MARKET …for the first time in a long time Total Inventory sits at 7,922 properties for sale, DOWN 0.5% from last year, and DOWN 4.8% from last month Total Sales for last month were 1,809, DOWN 12% from last year, and DOWN 8.3% from last month Days on Market for single family homes sits at 37, UP from last month at 33 and the same as last year at 27
Months of Inventory are at 4.3 MONTHS OF INVENTORY
up from 4.2 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)
