Market Performs Better Than Last Year
Saturday, September 9th, 2023“It’s not unusual to see a lot of activity in the market before we head into the cooler months, but it seems that buyers are sending a clear message that smaller, more affordable properties are what they want right now,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles.
City of Edmonton only average prices for August 2023 are up in every category except apartments year over year. Here is how last month played out.
All residential average price was up 2.1% year over year, but down a marginal .4% month over month. We are still in a seller’s market with 3 months of inventory left.
Detached home average price was up 2.7% Y/Y and up a marginal .3% M/M. Houses are in a seller’s market with 2.4 months of inventory to sell.
Semi-detached (duplex) average price is up 3.6% Y/Y and down 1.3% M/M, with 1.3 months of inventory favoring sellers.
Row/townhouse average price is up 2.6%Y/Y and down 2.2% M/M, with 1.2 months of inventory also favoring sellers.
Apartment average price is dow a marginal .4% Y/Y and down 1.8% M/M with 4 months of inventory which places this product in a balance market.
Always remember real estate is local. Even differing by neighborhood. So if you are in a position where you need professional representation to buy or sell, please reach out. I am never too busy for my past clients and their referrals.
All about you. Really.
