Dominant Seller’s Market Continues
I was duly surprised when calculating the stats for City of Edmonton March 2022. For the first time in years, every product category is sitting in a seller’s market position. Typically condos or duplex/rowhousing is the hold out for a balanced or buyer’s market. But not for this past month!
So here is a run down of what happened.
The average price of all residential sales was up year over year by 4.5% and up a marginal .3% month over month. There are 1.7 months worth of inventory. (This means that if there were no further listings added, and properties were being purchased at the rate they were in March, there would be 1.7 months left of product available.)
Single family dwellings average price was up 7.5% Y/Y and 1.3% M/M. There is 1.1 months of inventory.
Condo average price was up 8.1% Y/Y and 8.8% M/M with only 2.5 months of inventory.
Duplex/Rowhouses average price is up 11.3% Y/Y and 3.8% M/M with only .7 of a month of inventory.
So what does this mean for consumers? Low inventory means a competitive market. Seller’s are often in a multiple offer position. Professional representation is needed to ensure the consumer is not over buying for their neighborhood. As well, a professional real estate agent will guide seller’s through the complexity of dealing with more than one offer and ensuring they don’t sell their home twice.
If you have been waiting for the Spring market. It is here. Don’t delay. Call me today.
All about you. Really.
