The Edmonton,AB real estate market is returning back to balance as the brisk spring market comes to a close.
Between April and May, we saw a significant increase in homes for sale (+17%!), decreased average home prices (-3.7%), and fewer overall sales (-1.5%).
Three reasons not to panic!!
1) We almost always see an increase in inventory in May and June, as Edmontonians love to show off their landscaping when they sell
2) Even though average detached home prices decreased, they are still up 5.7% year over year. This is a significant change given that they were up around 10% over the last few months, but they are still up.
3) Our benchmark price, the price based on a regular Edmonton home (and removing outliers like luxury homes and lot value sales) is still up 9.9% on average from last year!
My prediction for next month is that we will continue to see a balancing of the market. With interest rates climbing, inflation taking hold, and uncertainty in global markets, we are already seeing a pause in the out of province investments that caused our market to increase so dramatically in February and March.
The biggest opportunity for buyers is that there is more supply right now. We often see beautiful homes showcased this time of year, so it is a great time to buy, without the panic that buyers felt a few months ago.
Sellers will see major opportunity if they stage, price, and market their homes strategically. The days of selling “just anything” are over. Instead, take the time to work with your realtor on the improvements you need to make to wow buyers when you hit the market.
Last but not least, our #1 value when helping our clients is to empower you to make the best decisions through education, options, and a proven strategy.
We want to make sure this data not only makes sense, but that you feel comfortable and confident taking action.
Questions? We’re here to help.
Your Realtors,
Sara Kalke & Ferdinand Maingat