• Edmonton Home & Condo Specialist
    Edmonton Home & Condo Specialist


The softening in the market, characterized by an increase in inventory, and a less urgency overall, has given buyers the chance to catch their breath, while sellers are adjusting to new market realities. Buyers can feel a bit more at ease in making informed decisions, as well as include reasonable conditions in their offer. The bidding wars and purchasing frenzy is over as we notice a more steady and consistent market trend. 

The Edmonton market is still healthy, and stats are continuing to favor the sellers with overall residential unit sales decreasing only -8.3% compared to July 2022 and year-over-year decrease of -12% . Overall, it is important to keep in mind that Alberta has a lot of positives. High net migration, tech and renewables are industries that are ramping up, keeping our unemployment rates at an all time low.


Timing Turbulence…
A seller’s market is temporary.  When a seller is ready to sell and move on to their next home, there is no time like the present for predictability since markets in Alberta are forever shifting. The very best way to stay current on local real estate trends is to have a candid conversation with a REALTOR and not to make the mistake of trying to time the market.  If you are thinking of making a move, please reach out to me with any questions to help you get prepared.  Fall is a beautiful time to have your home photographed.

Send Alison an email, or call 780-619-9812. 
 


Edmonton Housing Marketing Sees Cooling in August


September 2, 2022: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market decreased 8.3% compared to July 2022 and saw a year-over-year decrease of 12.0% from August 2021.

New residential listings decreased 10.5% month-over-month from July 2022 but saw a small increase of 0.9% from August of last year.

Single-family home unit sales were down both 17.0% from August 2021 and 10.8% from July 2022 at 1,034. Condo unit sales saw an increase of 5.8% from August 2021 but were down 1.5% from July 2022. Duplex/rowhouse unit sales were down both 22.7% year-over-year and 15.0% from last month.

Single-family homes averaged $469,757, a 1.8% year-over-year increase and a month-over-month decrease of 4.1%. Condominiums sold for an average of $220,051, seeing a small decrease of 3.3% year-over-year and 4.2% when compared to July 2022. Duplex prices increased 1.5% from August 2021, selling at $360,570, but saw a 3.3% decrease from July 2022.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $399,300, a 4.3% increase from August 2021, with a small decrease of 2.8% recorded from July 2022.

“While we continue to see the Edmonton real estate market cooling down after a record-breaking period earlier this year, there is still a fair amount of activity happening in the resale market,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “Although we’ve seen average prices decrease month-over-month across the board, single-family home prices are still above average from this time last year.”

Single-family homes averaged 37 days on the market, seeing an increase of four days from July 2022. Condos averaged 54 days on the market, increasing by two days month-over-month, while duplexes averaged 37 days on the market, a three-day increase compared to last month. Overall, all residential listings averaged 42 days on the market, increasing by three days month-over-month, with no change recorded when compared to August 2021.


MLS® HPI Benchmark Price*

 August 2022

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




SFDbenchmark price

$451,600

-3.0%

4.6%

Apartment benchmark price

$187,400

-1.2%

-0.1%

Townhouse benchmark price

$250,700

-0.7%

7.6%

Composite7 benchmark price

$399,300

-2.8%

4.3%


MLS® System Activity 2022

 August 2022

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




SFD2 average3 selling price – month

$469,757

-4.1%

1.8%

SFD median4 selling price – month

$435,000

-2.8%

3.6%

Condominium average selling price

$220,051

-4.2%

-3.3%

Condominium median selling price

$199,900

-5.7%

-7.0%

All-residential5 average selling price

$376,859

-5.5%

-2.1%

All-residential median selling price

$360,000

-5.0%

-1.4%

# residential listings this month

3,157

-10.5%

0.9%

# residential sales this month

1,809

-8.3%

-12.0%

# residential inventory at month end

7,922

-4.8%

-0.5%

# Total6 MLS® System sales this month

2,294

-6.7%

-11.1%

$ Value Total residential sales this month

$723,910,831

-12.9%

-13.2%

$ Value of total MLS® System sales – month

$870,764,299

-12.3%

-12.9%

$ Value of total MLS® System sales - YTD

$9,403,788,721

10.1%

7.5%

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June 1st The Bank of Canada has raised its interest rate by 50 basis points, marking its second consecutive oversized hike – and third overall increase this year – as the central bank grapples with inflation that currently sits at a 30 year high. The 0.5% increase to that benchmark rate brings it to 1.5%, the latest step in the Bank’s efforts to get consumer price growth under control.


What does this mean...


There are still many great opportunities for sellers with strong sales and good selection for buyers with interest rates still around 4%.  The market is constantly changing and if you, or anyone you know are thinking of making a move, please reach out to me with any questions to help you  get prepared. 

Send Alison an email or call at 780-619-9812. 


Housing Market Sees Cooling in the Month of May

Edmonton, June 2, 2022: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market decreased 1.6% compared to April 2022, yet saw a year-over-year increase of 4.4% from May 2021.

For May, single-family home unit sales were down 3.4% from May 2021, but increased 1.9% from April 2022 at 1,736. Condo unit sales increased 28.6% from May 2021 but were down 9% from April 2022. Duplex/rowhouse unit sales were up 5.8% year-over-year yet decreased 1.4% month-over-month.

Single-family homes averaged $492,037, a 5.7% year-over-year increase and a month-over-month decrease of 3.7%. Condominiums sold for an average of $239,011, seeing a decrease of 1.2% year-over-year, with only an increase of 0.3% when compared to April 2022. Duplex prices increased 10.5% from May 2021, selling at $395,783, resulting in a 3.3% decrease from April 2022.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $417,300, a 9.2% increase from May 2021, with no change being recorded from April 2022.

“We’re starting to see a slow down of the real estate market in the Greater Edmonton Area as we head into the early days of summer,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “While we continue to see a lot of activity in the market, we’re not seeing as big of month-to-month changes for pricing, sales and days-on-market that we did earlier this year.”

Single-family homes averaged 23 days on the market, seeing no change from April 2022. Condos averaged 44 days on the market, decreasing by one day month-over-month, while duplexes averaged 25 days on the market, a one-day increase compared to last month. Overall, all residential listings averaged 29 days on the market, decreasing by four days year-over-year and down two days as compared to April 2022.



MLS® System Activity 2022

 
May 2022

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




SFD2 average3 selling price – month

$492,037

-3.7%

5.7%

SFD median4 selling price – month

$455,000

-2.4%

7.1%

Condominium average selling price

$239,011

0.3%

-1.2%

Condominium median selling price

$220,000

-0.2%

-3.0%

All-residential5 average selling price

$410,276

-1.9%

2.2%

All-residential median selling price

$392,000

-1.4%

4.5%

# residential listings this month

4,711

2.1%

13.1%

# residential sales this month

2,857

-1.6%

4.4%

# residential inventory at month end

7,546

16.7%

-5.5%

# Total6 MLS® System sales this month

3,500

-1.5%

0.1%

$ Value Total residential sales this month

$1,240,729,073

-2.5%

7.4%

$ Value of total MLS® System sales – month

$1,443,019,875

-3.5%

2.3%

$ Value of total MLS® System sales - YTD

$6,254,967,410

29.7%

17.8%

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Home Sales Forecast to Ease but Remain Historically Strong


All indicators promise that our Spring real estate buying season will be on overdrive during the first quarter.  We are experiencing multiple offers and many homes selling on only a few days.


Whether buying or selling, Real estate is about making smart investment decisions and you need to be prepared and educated in a fast-moving market.


Send us an email or give us a call at 780-619-9812. Alison is happy to talk to you about whether buying or selling makes sense or not for your situation.


Realtors Association of Edmonton News Release April 4, 2022: March sees large number of listings hit the market. Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for March 2022 increased 45.4% compared to February 2022 and increased 34.7% from March 2021. New residential listings increased both 7.6% year-over-year and 47.7% month-over-month from February 2022.


For March, single-family home unit sales are up 21.2% from March 2021 and up 37.7% from February 2022 at 1,920. Condo unit sales increased 67.1% from March 2021 and were up 62.9% from February 2022. Duplex/rowhouse unit sales were up 54.2% year-over-year and increased 45.1% month-over-month.

Single-family homes averaged $503,711, a 9.9% year-over-year increase and a month-over-month increase of 2.0%. Condominiums sold for an average of $245,070, seeing an increase of 6.7% year-over-year as well as an 8.4% increase compared to February 2022. Duplex prices increased 11.8% from March 2021, selling at $389,321, a 3.8% increase from February 2022.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $369,700, a 9.4% increase from March 2021, and up 4.5% from February 2022.

“The Greater Edmonton and Area market continues to surprise us as we enter into what is normally the start of the busy season of real estate,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “Although we are seeing slightly lower increases for average sale prices across all categories, there has been a huge increase in the number of listings hitting the market as well the number of sales in the month of March.”

Single-family homes averaged 27 days on the market, a 15-day decrease from February 2022. Condos averaged 51 days on the market, decreasing by 10 days month-over-month, while duplexes averaged 29 days on the market, a 13-day decrease compared to last month. Overall, all residential listings averaged 34 days on the market, decreasing by eight days year-over-year and down 13 days as compared to February 2022.

.

MLS® System Activity 2022

 March 2022

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




SFD2 average3 selling price – month

$503,711

2.1%

9.9%

SFD median4 selling price – month

$468,075

1.7%

11.4%

Condominium average selling price

$245,070

8.4%

6.7%

Condominium median selling price

$225,000

3.4%

7.1%

All-residential5 average selling price

$414,788

0.7%

5.9%

All-residential median selling price

$395,000

2.6%

7.6%

# residential listings this month

4,298

47.7%

7.6%

# residential sales this month

3,283

45.4%

34.7%

# residential inventory at month end

5,265

10.0%

-21.5%

# Total6 MLS® System sales this month

3,877

47.5%

27.1%

$ Value Total residential sales this month

$1,414,258,676

48.0%

42.2%

$ Value of total MLS® System sales – month

$1,622,688,341

41.4%

35.0%

$ Value of total MLS® System sales - YTD

$3,329,996,076

89.7%

32.8%

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2022 Sales Are Starting Off Strong - Up 14.4% 

WHERE ARE WE HEADED?

It doesn’t look like our market is going to slow down any time soon. It will come to a stop. We don’t know when. Here is what we do know…
 
Demand is incredible with people taking advantage of the low interest rates and the Alberta economy strengthening. We see people moving into province, locals moving up and down, and investors. Supply is tighter for some product at the moment, but we forcast that inventory will double in the next few month with last years inventory that did not sell coming back on to the market.  Compared to some of the other areas in Canada, we don't have the same supply issues. Starting in March, interest rates are scheduled to go up from 3% to 4%, by a .25 point at  3xs this year, which in turn has forecasted to slow sales down to the tail end the year.

(Source: RBC Senior Vice-President & Chief Economist, Craig Wright. Growth prospects and risks in the Alberta economy presentation Februray 16, 2022).


Thinking of Selling? Now’s a Great Time. 
Send us an email or give me a  call at  780-619-9812. I am happy to talk to you about whether selling makes sense or not for your situation.


Alison 


Realtors Association of Edmonton News Release, February 2, 2022: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for January 2022 increased 1.5% compared to December 2021 and increased 14.4% from January 2021.

New residential listings decreased 8.9% year-over-year from January 2021. However, new residential listings are up month-over-month, increasing 55.7% from December 2021. Overall inventory in the GEA was down 14.8% from January of last year but increased 5.0% from December 2021.

For January, single-family home unit sales are up 10.0% from January 2021 and up 3.5% from December 2021 at 811. Condo unit sales increased 21.6% from January 2021 and decreased 0.9% from December 2021. Duplex/rowhouse unit sales were up 19.1% year-over-year and down 3.0% month-over-month.

All residential average prices are at $376,923, a 1.1% decrease from December 2021, and a 3.5% increase from January 2021. Single-family homes averaged $445,932, a 4.3% year-over-year increase and a 3.6% decrease from December 2021. Condominiums sold for an average of $224,566, a 3.7% increase year-over-year, and prices are up 3.5% compared to December 2021. Duplex prices increased 11.1% from January 2021, selling at $382,471, a 5.4% increase from December 2021.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $416,000, a 6.1% increase from January 2021, and up 1.2% from December 2021.

“The Edmonton real estate market in January saw a slight decrease in all residential listings from January 2021, our month-over-month activity increased substantially since December 2021,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “While we have predicted to see sales decrease in 2022, we are expecting prices to increase marginally as move to a seller’s market.”

Single-family homes averaged 51 days on the market, an eight-day decrease from January of last year. Condos averaged 73 days on the market, with no change recorded year-over-year, while duplexes averaged 52 days on the market, an 18-day decrease compared to January 2021. Overall, all residential listings averaged 57 days on the market, decreasing by eight days year-over-year and increasing by five days as compared to December 2021.

 

MLS® System Activity 2022  Jan. 2022 M/M % Change Y/Y % Change
(for all-residential sales in GEA1)      
SFD2 average3 selling price – month $445,932 -3.6% 4.3%
SFD median4 selling price – month $420,000 -0.8% 6.3%
Condominium average selling price $224,566 3.5% 3.7%
Condominium median selling price $192,000 1.1% -1.2%
All-residential5 average selling price $376,923 -1.3% 3.5%
All-residential median selling price $365,000 2.0% 4.4%
# residential listings this month 2,162 53.2% -8.9%
# residential sales this month 1,337 1.4% 14.4%
# residential inventory at month end 4,719 5.0% -14.8%
# Total6 MLS® System sales this month 1,615 -3.6% 6.9%
$ Value Total residential sales this month $526,681,554 -0.8% 18.4%
$ Value of total MLS® System sales – month $625,279,987 -2.9% 10.9%
$ Value of total MLS® System sales - YTD $625,279,987 -94.8% 10.9%

 
1 Greater Edmonton Area (Edmonton and municipalities in the four surrounding counties)


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Copyright 2022 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.