Hot Market For Houses!
The Spring market has sprung a little earlier than usual for the City of Edmonton!
All products are showing an average price increase year over year and month over month. Three product categories are up double digits! Bear in mind that one year ago March was the beginning of COVID lockdowns and restrictions. Even with that however, the month over month numbers are trending upwards.
All residential sales are up 12.6% year over year and up 4.5% month over month. We are showing a seller’s market of 2.9 months of inventory.
Single family dwellings are up 12.2% year over year and up 5.1% month over month. There is a seller’s market of 1.9 months of inventory.
Condo average price is up 2.8% year over year and up 3.9% month over month. There is a balanced market of 6 months of inventory. This product type hasn’t seen a balanced position in several years.
Duplex/Rowhouses are up 10.4% year over year and up 2.0% month over month. They too, are in a seller’s market position of 2.1 months of inventory.
Anecdotally, houses in the $350k-$500k range that are in good condition and priced well are selling quickly, sometimes even multiple offer situations.
If you or someone you know needs professional representation for the sale or purchase of your residential real estate, please send them my way.
Happy Spring everyone!
