Market and Temperatures Cool Down for Fall!
Saturday, October 14th, 2023“We’re continuing to see the trend of a higher number of sales happening in 2023 compared to last year, but the market is still slowing down for autumn. Sales in almost every category fell from the previous month,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Sellers hoping to close before the holidays have lower available inventory on their side, but they will have to contend with higher buyer uncertainty from the Bank of Canada’s looming October announcement about interest rates.”
City of Edmonton statistics are still sitting in a strong sellers market for every product.
All residential sales are up .1% year over year and down 1.6% month over month.
Detached homes are up 2.7% Y/Y and down .9% M/M.
Semi-detached homes are down 6.8% Y/Y and down 5.6% M/M.
Row/townhouses are up 5% Y/Y and up 5.3% M/M.
Apartments are down 2.2% Y/Y and down 6.4% M/M.
The last Bank of Canada hold on mortgage rates caused a small uptick in single family homes and row/townhouses. Always the most popular categories.
Fall is still a good time to sell. Inventory levels are lower so there is less competition. Plus the buyers are serious buyers. No tire kickers this time of year.
For professional representation for you or someone you know, please reach out to me at 780-893-9987.
I am so grateful for you. Have a blessed Thanksgiving.
All about you. Really.
