Edmonton Market Is Balancing Out
With respect to the August 2021 stats, the REALTORS(R) Association of Edmonton Chair, Tom Shearer says, “…while we have started to see slight decreases in the month-to-month activity. The market is starting to balance out after a very busy 18 months with pricing increasing a nominal amount year-over-year.” Which is a great summary of our market this past month.
We still maintain a seller’s market position for all residential sales and houses and duplex/rowhouses. However condos are in a buyer’s position of 7 months of inventory.
Here is the breakdown by product:
All residential average sale price is up 3.3% year over year and down 1.6% month over month.
Single family dwellings are up 4.9% year over year and down 1.3% month over month
Condominiums are down .5% year over year and down 7.3% month over month. (I’m often asked what a condominium is. It is any kind of residential product in which you own your own unit and share ownership of common areas. So condos can mean apartments, townhouses, some residential attached products such as a duplex which shares common underground utilities.)
Duplex/Rowhouses are up 6.0% year over year and up 1.8% month over month.
As always, real estate is local, and prices can vary from neighborhood to neighborhood as well. So if you, or someone you know needs professional representation, please give me a call.
All about you. Really.
