What is Actually Happening in the Edmonton Real Estate Market, November 2022 Edition
In case you haven’t heard, sales city wide have frozen over.
The TLDR Version: the Edmonton market was hot in the spring and has cooled since. We’re almost exactly the same place as last year – prices, YTD total sales volume, and inventory. Sales are down but homes are still selling if they’re well priced.
The full juicy details:
– total year to date sales volume is now up 2% from 2021 (this figure was up 23.6% in April!!)
– year over year benchmark price (basically an equalized price for an average style of Edmonton home) is back to
-0.3% from last year (we were up 11% year over year in April)
– total inventory is up 0.7% from last year
Edmonton is back to its normal, somewhat boring self.
BUT, this isn’t all bad news.
Earlier this week, Royal LePage forecast our market is one of the very few markets in the country forecast to increase in price in 2023 (by 4%).
In the market, we’re seeing what we always see when change is upon us:
A pause.
But, that won’t last.
The last time the market had uncertainty was in 2014 when oil prices crashed.
The market right after the crash was slow just like this, and then the following spring was extremely busy because there was so much pent up demand.
Right now is an excellent time to buy or sell for:
– those who don’t want to feel rushed
– sellers who are willing to be realistic, and want to beat potential price declines with higher interest rates
– buyers who have a rate locked in and don’t want to see it rise with the next Bank of Canada rate announcement
Yes there are fewer sales and showings, but my experience right now is that the folks that ARE shopping are motivated and smart!
We regularly work with sellers and buyers on their 5-Year Home Plans, so we can plan updates, renovations, property searches, and get the best value both selling and buying.
If you’re thinking of buying or selling, either now or in the next year, now is the time to get ready!
Send my team an email to sara@sarakalke.com and let’s get started!!