Is the sky falling? Is the recession full blown? Is the Edmonton real estate market crashing?
The short answer is…. NO!
Edmonton Real Estate Market Update, February 2023
Interest Rates are on everyone’s radar. They have increased another 0.25% and have contributed to the market slow down. What’s not in the headlines? – This is a normal market interest rate!
My prediction for next month is that prices will remain steady with inventory increasing. The real estate market will stabilize and normalize.
The biggest opportunity for buyers is less competition in the market, so fewer offers, motivated sellers, and more negotiating power.
Sellers will see major opportunity with motivated buyers and almost no competition.
—–Greater Edmonton Market Data, The Numbers
Benchmark Price
$418K – Detached Homes : -1.2% month/month, -3.3% year/year
$175K – Apartment Condos : -0.6% month/month, -3.0% year/year
$227K – Townhomes : -0.8% month/month, -1.9% year/year
Supply
Total Inventory : +94.8% month/month, +8.5% year/year
Currently 5220 Homes for Sale
Demand
Total # of Sales: +0.2% month/month, -25.8% year/year