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What did the market do in 2021 and what’s in store for 2022? January Market Update

By January 24, 2022No Comments

Are you ready for a new year? Welcome 2022 ūüéČ

Hey everyone,

We did it! We made it through 2021 and now we get to look ahead to what’s in store for 2022 (please less -50000 degree weather, slippery roads, and that whole pesky covid thing).

A cool think happened earlier this month, let me tell you the story…

There is this ranking service that connects to Realtor.ca that shows people’s reviews of agents. Every agent in Canada has access to it and it’s a great way to learn about agents from people who worked with them. The email I got said that I got ranked in the¬†top 100 agents in Canada¬†on¬†RankMyAgent¬†ūüėģ

Holy-moly.

I just wanted to thank you all SO much for your reviews…they really DO matter and help us out so much.

Thanks again ūüôŹ

My monthly SHOUT OUTS / THANKFUL THOUGHTS

  • Warm(er) weather
  • All my friends and new friends (ie. clients) that we were able to serve last year
  • All the people who referred me to their friends and neighbours…THANK YOU!
Have you seen these listings?

How’s the market?

Things are looking up! ūüďą

Last year was a good year for the Edmonton area (and particularly good for Sherwood Park and St. Albert who saw even slightly higher price increases). Two KEY take aways from 2021’s market:

1. We saw over 24,000 transactions when we typically would see around 17,000 (LOTS of demand)
2. Prices rose between 6-8% in the Edmonton area, gobbling up some of those losses people have experienced over the last number of years

What about 2022?

As we look forward to this year the general consensus is that our market will continue to perform strongly over the next 12 months.
There are 3 things to expect this year:

1. Expect somewhere around 5-10% price increases for single family properties (likely a slight increase for condos but not like single family homes)
2. Expect there to be more buyers than inventory (multiple offers and homes selling FAST)
3. Expect to be prepared when you’re ready to buy or sell¬†– get pre-approved for buyers before looking at homes (and getting disappointed), and sellers come to market strong with your best foot forward to generate the most amount of interest

Again, properties need to be priced according to the market (and not how much we “want”) to sell, but it is looking to be another Seller’s Market for 2022.

Seriously, CALL ME if you have questions or want advice on how to be the most prepared for this coming year. I’m here to help!!

Now, for the stats…

Last month’s prices for Edmonton and Area:
–¬†Single Family¬†(SF) prices are¬†UP 7.7%¬†year over year, and¬†UP¬†¬†1%¬†month over month to¬†$462,000
–¬†Condo¬†prices are¬†down -0.1% year over year, and¬†down¬†3.8%¬†month over month to¬†$217,000¬†

Inventory levels: SELLER’S MARKET¬†
Total Inventory sits at 4,495 properties for sale, down 14% from last year, and down 22% from last November 
Total Sales for last month were 1,319, up 19% from last year, and down 22% month over month
Days on Market for single family homes still sits at 46, down from 53 last year

Months of Inventory are now at 3.4 months of inventory (down from last month)

We are STILL sitting in a¬†Seller’s¬†Market
(anything under 4 months is a seller’s market)
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Have a great start to 2022! ūüéČ

Your friend,
Kevin Machado
780-935-5762
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