You’ve heard it on the news: epic doom and gloom.
The sky is falling.
The economy is crashing
The world is ending.
Ummmm…. huh?
If you read the news, you’re probably feeling like Armageddon is upon us and why even buy a house at all because you should probably just live in the woods.
The truth is, the Edmonton real estate market is NOT crashing.
Yes, the total # of sales was down 23% from June to July, and down 10% year over year.
But… it always goes down.
Because:
Holidays
Summer
School
Not icy winter
For real though, even the Realtors Association of Edmonton’s headline was “July sees first large decrease in Edmonton real estate market”.
Sounds gloomy right?
Here’s why it isn’t. Yes, there was a decrease of total sales (10% year over year), and yes, average prices dropped month over month.
But, here’s the big picture:
The total # of sales dropped largely because buyers who might have bought in July rushed to lock in rates in May and June.
Single Family benchmark prices are UP 7.4% year over year.
Apartment condos are the same price (0% change) year over year.
Duplexes & townhouses are up 6.9% year over year
Not exactly gloomy!!
My prediction is that sales will actually stay strong throughout the fall and winter as interest rates normalize and people remember that yes, they do indeed still need a bigger / smaller / more central / closer to family home!
To win, sellers absolutely have to be well priced, well staged, and the “undeniable” choice. This is not our first rodeo!
The key is not to panic! Tune out the noise and remember that real estate is a wonderful long term investment, you have to live somewhere, and you’re making someone’s payments – your landlord’s or yours!
If you are looking to sell or buy, we are here for you!
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Edmonton Real Estate Market Data July 2022
Year Over Year Data
Benchmark Price
Detached Houses – Up 7.4%
Attached Homes – Up 6.9%
Apartment Condos – 0%
Supply
Total Inventory – Up 0.3%
Total
Demand
Total # of Sales – Down 10.8%