Melody Kilbank

“It’s great to see an increase of just over 30% for new listings last month, but our overall inventory is still lower than last year by 15%.” says REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles. “Unit sales numbers are still strong, but not outpacing the new listings; they’re actually very balanced with each other and that’s positive for both buyers and sellers.”

Here are March statistics for the City of Edmonton only.

All residential average price is up 8.3% year over year and up 4.2% month over month. All product categories are sitting in a SELLERS market position.

Detached home average price is up 5.7% Y/Y and up 1.6% M/M.

Semi Detached (duplex) average price is up 12.4% Y/Y and up 6.3% M/M.

Row/Townhouse average price is up 16.9% Y/Y and up 1.7% M/M.

Apartment average price is up 0.8% Y/Y and up 13.4% M/M.

Every category showed an increase in average price both year over year and month over month. And every category is in a sellers market position. Low inventory and lower mortgage rates are creating a very active market.

It is still not too late to realize your dream of transitioning your home or starting out in home ownership.

Call me for professional representation.

All about you. Really.

“It’s expected that the spring market will be busy this year, but when you see detached single family homes are already selling 60.5% more units than last year, it makes you sit up and take notice,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “If the month-to month change in sales continues at this pace, then it will be a hot market indeed.”

Here the numbers for the City of Edmonton only for February 2024.

All residential sales average prices are up 9.3% Year over Year and 0.1% Month over Month. The market is in a Sellers position with 2.3 months of inventory

Detached homes prices are up 10% Y/Y and 4.5% M/M. This product is also in a Sellers position of 2.1 months of inventory.

Semi detached homes prices are up 7.9% Y/Y and up 1.1% M/M. They have 1.7 months of inventory, a sellers market.

Row/Townhouse prices are up 8.5% Y/Y and up 0.6% M/M with only 1.2 months of inventory, favoring sellers.

Apartments are down 6.2% Y/Y and 8.5% M/M. However low inventory is making this product line very popular with investors. They are in a sellers market position of 3.1 months of inventory.

This is the perfect time to sell a house/townhouse/half duplex and downsize to an apartment.

Whatever your next transition is, call me for up to date stats and professional representation.

All about you. Really.

“Edmonton real estate market is off to a good start for the year, with strong sales and prices compared to last year,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “But we’ll be watching our inventory very closely leading up to the spring market. We want enough new listings available to meet the demand that is clearly there.”

Here is what happened in the City of Edmonton for January 2024!

All residential sales average price are up 7.5% year over year and up 2.1% month over month. Due to the low inventory, we are in a Seller’s market with 2.9 months of inventory remaining.

Detached homes are up 5.0% Y/Y but down 2.4$ M/M. This product is still favoring Sellers with 2.7 months of inventory.

Semi detached homes are up 7.1% Y/Y and up 4.8% M/M. Also favoring Sellers with 2.2 months of inventory.

Row/Townhouses have gone up a significant 12.0% Y/Y and 3.5% M/M. Another product in a Seller’s market position of 2.0 months of inventory.

Apartments are up 10.6% Y/Y and up 11.8% M/M. They are in a balanced market, favoring neither seller or buyer with 4.5 months of inventory.

If you are thinking of making a transition in the spring market, now is the time to talk to a professional.

I will be able to help you assess your home’s value and give valuable tips on preparing your home to sell for the best price and quickly.

Call me today!

All about you. Really.

In spite of very low inventory numbers for all product categories, average home prices showed increases, year over year and month over month. Activity levels are low (number of transactions) but average pricing for December finished the year strong at $485,313.

“Though December’s month-over-month numbers are higher than in 2022, the strong second half of this year hasn’t quite achieved the level of activity seen in the previous year,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles.

Statistics for the month of December 2023 for the City of Edmonton only break down as follows:

All residential sales average price is down 6.2% year over year and up 3.2% month over month. With 3.6 months of inventory remaining we are in a Seller’s market.

Detached home average price is up 5.3% Y/Y and up 3.9% M/M. With 2.8 months of inventory, it too is in a Seller’s market position.

Semi detached (duplex) properties average price is up 6.5% Y/Y and up 1.8% M/M. With 1.9 months of inventory left it is favoring Sellers.

Row/Townhouse average price is up 10.7% Y/Y but down 4.4% M/M. With 1.7 months of inventory remaining, it is also favoring Sellers.

Apartment average pricing is down 2.7% Y/Y and up .8% M/M. Unique, this month, it is in a balanced market position with 4.1 months of inventory.

If you are thinking of making a real estate change or investment, please call me for more specific market information and professional representation.

Best wishes to you and those you love in 2024!

“In real estate, the rhythm of the market often shifts with the seasons. As we transition into the colder months, it’s not uncommon to witness a predictable decrease in available listings. Yet, what’s remarkable about Edmonton’s current housing landscape is the continual demand despite this seasonal ebb,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Buyers continue their search for their dream home, eager to secure properties even amidst a tighter inventory.”

Here is what happened in Edmonton in November.

All residential sales average price was down 1.4% year over year and down 4.6% month over month. Low inventory continues to drive a seller’s market in every category.

Detached homes’ average price was down 1.5% y/y and down 1.9% m/m.

Semi detached were down a marginal .5% y/y and down 9.8% m/m

Row/townhouses were up 14.2% y/y and up 4.7% m/m.

Apartments were down 11.6% y/y and down 16.5% m/m.

Edmonton still continues to draw buyer interest as one of the more affordable cities to live. As well, out of province buyers are looking to invest. It still is a good time to buy/sell. If you need any professional advice. Please reach out.

Wishing you a very merry Christmas and a prosperous 2024!

All about you. Really.

“We’ve seen in other markets what a low supply of inventory can do to home prices,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “And that applies on a smaller scale to any market during the colder season. There are buyers who can’t wait until spring when more properties become available, and they’re willing to spend more on the right place. But until we see interest rates come down, for many people those detached homes are still out of reach.”

The low inventory levels are producing increases in starter home products, such as apartment condos and half duplexes.

Here are the numbers for the City of Edmonton for October 2023.

All residential sales are up and marginal .2% year over year and up .5% month over month. We are in a seller’s market with 3.4 months of inventory.

Detached homes are up 1.4% M/M but down 2.6% M/M with only 2.5 months of inventory, favoring a seller’s market.

Semi detached homes are up 8.2% year over year and up 12.5% month over month. There is only 1.7 months of inventory which is a very strong seller’s market.

Row/Townhouses are up 1.% Y/Y and down 1.9% M/M with only 1.4 months of inventory. Again producing a strong seller’s market.

Apartment condos are up 14.8% Y/Y and up 13.7% M/M with a balance market of 4.4 months of inventory.

People often ask me when is the best time to sell my home? Now is always the best time, if you are purchasing right away. Your net difference won’t likely be much different if you wait to sell in the Spring. Winter months provides less competition for your listing AND serious buyers are looking. If it is the right home for buyer’s they will make the call to buy!

Call me if I can help in any way with your purchase or sale.

All about you. Really.

“We’re continuing to see the trend of a higher number of sales happening in 2023 compared to last year, but the market is still slowing down for autumn. Sales in almost every category fell from the previous month,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Sellers hoping to close before the holidays have lower available inventory on their side, but they will have to contend with higher buyer uncertainty from the Bank of Canada’s looming October announcement about interest rates.”

City of Edmonton statistics are still sitting in a strong sellers market for every product.

All residential sales are up .1% year over year and down 1.6% month over month.

Detached homes are up 2.7% Y/Y and down .9% M/M.

Semi-detached homes are down 6.8% Y/Y and down 5.6% M/M.

Row/townhouses are up 5% Y/Y and up 5.3% M/M.

Apartments are down 2.2% Y/Y and down 6.4% M/M.

The last Bank of Canada hold on mortgage rates caused a small uptick in single family homes and row/townhouses. Always the most popular categories.

Fall is still a good time to sell. Inventory levels are lower so there is less competition. Plus the buyers are serious buyers. No tire kickers this time of year.

For professional representation for you or someone you know, please reach out to me at 780-893-9987.

I am so grateful for you. Have a blessed Thanksgiving.

All about you. Really.

“It’s not unusual to see a lot of activity in the market before we head into the cooler months, but it seems that buyers are sending a clear message that smaller, more affordable properties are what they want right now,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles.

City of Edmonton only average prices for August 2023 are up in every category except apartments year over year. Here is how last month played out.

All residential average price was up 2.1% year over year, but down a marginal .4% month over month. We are still in a seller’s market with 3 months of inventory left.

Detached home average price was up 2.7% Y/Y and up a marginal .3% M/M. Houses are in a seller’s market with 2.4 months of inventory to sell.

Semi-detached (duplex) average price is up 3.6% Y/Y and down 1.3% M/M, with 1.3 months of inventory favoring sellers.

Row/townhouse average price is up 2.6%Y/Y and down 2.2% M/M, with 1.2 months of inventory also favoring sellers.

Apartment average price is dow a marginal .4% Y/Y and down 1.8% M/M with 4 months of inventory which places this product in a balance market.

Always remember real estate is local. Even differing by neighborhood. So if you are in a position where you need professional representation to buy or sell, please reach out. I am never too busy for my past clients and their referrals.

All about you. Really.

“While both detached properties and apartment condominiums saw small drops in their average prices from this time last year, semi-detached homes and row/townhouses both saw a positive bump in average prices for July 2023,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “July also had an increase in sales across all categories, with apartment condominiums leading the way, noting a 31.6% jump from July 2022.”

The City of Edmonton stats are having its ups and downs this past month. Overall we are still in a strong seller’s market with the exception of apartment inventory which is in a balanced position.

All residential sales are down year over year 4.4% and down 1.3% month over month. Inventory is at 3.2 months.

Detached homes are down 3.9% Y/Y and up a marginal 0.1% M/M. Inventory is 2.7 months

Semi-detached homes are up 3.3% Y/Y and up 1.2% M/M with 1.9 months of inventory.

Row/townhouses are up 1.2% Y/Y and up a marginal 0.8% M/M. 1.9 months of inventory remaining.

Apartments are down 2.8% Y/Y and up 5.0% M/M. With a 4 month inventory level, apartments are in a balanced position.

Another increase in mortgage rates this past week is attracting serious buyers only. Low inventory levels continue to effect the Edmonton market so buyers have few choices. Homes that are in good condition and priced for current market are selling quickly. And often selling for over list price.

If you are needing to make a transition in your housing. Call me for professional representation. I have access to the most current and accurate market information.

All about you. Really.

“We’ve certainly seen the real estate market come to life in the month of May,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Although small, there were improvements in the year-over-year detached average prices as well as row/townhouse and apartment condominium unit sales.”

For City of Edmonton ONLY statistics, we are in strong Seller’s market for all products with the exception of apartment condos. They are in a balanced position with 4 months of inventory.

We are still showing downward trends from year over year average prices, but the overall market showed a 2.7% increase month over month. Detached homes had a marginal up tick from last month of 1.2%.

Other products are showing a decrease in average price from April to May of 1.1% for semi-detached homes; 3.7% in Row/townhouses and 1.2% in apartment condos.

Anecdotally, multiple offers are quite common in all price ranges for single family dwellings especially. Colleagues are reporting similar experiences to my own when working with buyers. To compete, you need to make sure you have all your financing pre-approvals in place and know your limits. As well, working with a professional who has walked many clients through such an experience will help achieve success.

Call me for professional representation for both selling or purchasing. I am available.

All about you. Really.