August Market Softens
I trust you had a great summer, whether traveling or staying home and enjoying our great summer weather!
To bring you up to date on the market for this past month of August, average prices for the City of Edmonton have softened since July.
All residential sales were down 3.3% year over year and down 7.1% month over month. They are in a Buyer’s market position for the first time in a while with 5.1 months of inventory.
Single family homes were up 2.2% year over year but down 5.9% month over month. They are in a balance market position of 4.1 months of inventory.
Condominiums were down 3.0% year over year and down 4.7% month over month. They are in a Seller’s market position of 2.5 months of inventory.
Duplex/Rowhouses are down 1.0% year over year and down 2.6% month over month. They are in a Seller’s market position of 3.0 months of inventory.
Seasonal slow down as well as the rise in mortgage rates are driving prices to soften and inventory numbers to lessen.
Market stats are local to communities as well as cities. So if you think your neighborhood isn’t reflecting the average and need a market valuation for your home, please reach out.
All about you. Really.
