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Market Updates

Your August Real Estate Market Update for Edmonton, St. Albert, and area

It’s mid-August and summer sees to be flying by!

Hi all!

It’s about that time in the summer when we wish look at the calendar and think, “Yikes, it’s almost September!”

September means back to normal schedules, back to school, and back to people buying homes.

The summer is typically one of our slower periods in the real estate calendar. With people on vacations and preparing for September, we typically see a drop in sales before things pick up again in the fall.

This year’s market has been an interesting one, to say the least, so I am anticipating the fall to be strong this year as well!

My monthly SHOUT OUTS

  • The Kings, congratulations on your Lake House!
  • Dave and Jodie, you’re¬†a duplex lighter in your real estate portfolio ūüėČ
  • Victoria and Luke, way to go on landing your dream home!!
  • Andrew and Cindy, we won out in multiple offers and now you have a beautiful home to raise your family in!
  • Cody! You did it! You sold your place super quick and now you can move to Hawaii …take me with you!! ūüėČ
  • Megan and Kyle, congrats on landing a great home in St. Albert. Welcome to the neighbourhood!!

AlI of you that have referred me and passed my name along to family, friends, and “rand-o’s” (as Mercy would say)…THANK YOU!¬†ūüôŹ

I have some great homes listed currently…check them out!

How’s the market?

Moderating yet prices stay strong.

As you’ll see the market is slowing a bit over the summer, which is to be expected. We typically see a bump back up from September through November (until it gets really cold and people decide to wait until the spring).

There’s opportunities out there right now for buyers, and seller’s need to position themselves strategically to succeed (ie. market right, list at a competitive price, and negotiate wisely all terms – not just the purchase price).

Now, for the stats…

Last month’s prices for Edmonton and Area:
–¬†Single Family¬†(SF) prices are¬†UP 6%¬†year over year, and down slightly -1.3% month over month to¬†$466,000
–¬†Condos¬†prices are¬†UP 6% year over year, and nominally down -0.8% month over month to¬†$240,000¬†

Inventory levels: SELLER’S MARKET¬†
Total Inventory sits at 8,015 properties for sale, down 0.5% from last year, and essentially the same as last month (0.1% down)
Total Sales for last month were 2,208, up 2% from last year, and down 18% month over month
Days on Market for single family homes still sits at 33, up from 28 last month and 49 last year

Months of Inventory are now at 3.6 months of inventory (up from 2.9 last month.
We are STILL sitting in a¬†seller’s¬†market
(anything under 4 months is a seller’s market)

What does this all mean anyway?

Be smart.
Buyers have opportunities right now that they haven’t had for the majority of this year.
Sellers need to make wise decisions to be prepared for the fall run up.Book a time with me and we can chat ūüôā
Your Market Update

Soak up the last days of summer ūüėé

Your friend,
Kevin Machado