Seasonal Dip In Market, Typical Or New Trend?
It is the 4th month in a row that the year over year average sale price for all residential sales decreased. Is this a new trend due to mortgage interest rates, or is it typical of the season? Time will tell, but 2 economists I have heard in the past month predict that there will be another couple of interest rate hikes in 2023, but then we will normalize in late 2023 and early 2024 and rates will drop.
Here is what happened in November in the City of Edmonton.
All residential average price was down 4.8% year over year and down 2.6% month over month. We are sitting in a balanced market position with 5.5 months of inventory.
Single family dwellings average price was down 1.8% Y/Y and down 2.1% M/M. They too are in a balanced market with 4.5 months of inventory.
Condos were down 2.3% Y/Y and up 1.6% M/M, the bright spot in the stats. They are in a balanced market position of 5.3 months of inventory.
Duplex/Rowhouses were up 3.8% Y/Y and down 2.9% M/M. They are sitting in a Seller’s market position of 3.6 months of inventory.
If you’re entertaining the idea of selling and finding your next dream home in 2023, I’m here to help. I can provide you with the market data and insights you need to make an informed decision. If you do decide to move, I can make that happen for you — smoothly and successfully.
So, keep me in mind when you’re making your plans for the new year.
Merry Christmas to you and your loved ones and best wishes for a prosperous 2023!
All about you. Really.
