September Market Is A Balancing Act
The best way to describe September 2022, City of Edmonton market is a “balancing act.” Inventory levels in all products except duplex/rowhouses have returned to a balanced market. This means there is on average 4-6 months of inventory left to sell in the different product categories and the market favoring neither buyer or seller. Here are the specific details.
All residential sales were down in average price by 1.6% year over year, but up on nominal .8% month over month. There is 5.5 months of inventory in total.
Single family dwelling average price was up 1.8% Y/Y but down 1% M/M. Inventory is at 4.9 months.
Condo prices were down 2% Y/Y and down a nominal .6% month over month. Inventory levels are at 5.8 month, almost back to a buyer’s market.
Duplex/rowhouses had a strong month of prices increasing 12.6% Y/Y and 6.4% M/M with only 3.3 months of inventory. This product is in a seller’s market position. Possibly reflective of buyers adjusting their expectations with rising mortgage rates.
The long summer weather we have experienced this past month has helped to keep the market active.
It is a good time to make a purchase or transition. The market is balanced and mortgage rates are still considered low.
Call me for professional representation or with any of your real estate questions.
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