May Market Has Cooled!
Saturday, June 11th, 2022“We’re starting to see a slow down of the real estate market in the Greater Edmonton Area as we head into the early days of summer,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “While we continue to see a lot of activity in the market, we’re not seeing as big of month-to-month changes for pricing, sales and days-on-market that we did earlier this year.”
May’s market has slowed some and multiple offers are becoming less common. But there is still significant activity and low inventory. Prices for the City of Edmonton are showing a Seller’s market in every category.
All residential sales average selling price was up by a marginal .8% year over year and down 1.7% month over month. With only 3 months of inventory, seller’s are still in the stronger position at the negotiating table.
Single family dwellings average price is up 4.6% year over year but down 4.1% month over month. Two months of inventory is keeping buyers having to act quickly to secure their home.
Condo average selling price is up 1.4% year over year and up a nominal .7% month over month. At 3.9 months of inventory, this category is almost in a balanced position, favoring neither buyer or seller.
Duplex/rowhouses average price is up a HUGE 11% year over year, but down 2.9% month over month. Not much inventory to choose from as this product is moving quickly with 1.9 months of inventory.
Over all the market is still very active and product is moving fairly quickly.
Be sure you are professionally represented by a experienced agent. Call me for advice, help or coaching to get the home you want.
All about you. Really.
