Low Inventory Drives Prices Up!
“We’ve seen in other markets what a low supply of inventory can do to home prices,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “And that applies on a smaller scale to any market during the colder season. There are buyers who can’t wait until spring when more properties become available, and they’re willing to spend more on the right place. But until we see interest rates come down, for many people those detached homes are still out of reach.”
The low inventory levels are producing increases in starter home products, such as apartment condos and half duplexes.
Here are the numbers for the City of Edmonton for October 2023.
All residential sales are up and marginal .2% year over year and up .5% month over month. We are in a seller’s market with 3.4 months of inventory.
Detached homes are up 1.4% M/M but down 2.6% M/M with only 2.5 months of inventory, favoring a seller’s market.
Semi detached homes are up 8.2% year over year and up 12.5% month over month. There is only 1.7 months of inventory which is a very strong seller’s market.
Row/Townhouses are up 1.% Y/Y and down 1.9% M/M with only 1.4 months of inventory. Again producing a strong seller’s market.
Apartment condos are up 14.8% Y/Y and up 13.7% M/M with a balance market of 4.4 months of inventory.
People often ask me when is the best time to sell my home? Now is always the best time, if you are purchasing right away. Your net difference won’t likely be much different if you wait to sell in the Spring. Winter months provides less competition for your listing AND serious buyers are looking. If it is the right home for buyer’s they will make the call to buy!
Call me if I can help in any way with your purchase or sale.
All about you. Really.
