February Stats Unprecedented!
Well, I was a little gob-smacked as I calculated February 2022 stats for the City of Edmonton.
The rumors are true. Inventory is as low as I have seen it since starting my career in real estate in 2003!
Houses are hot, condos are starting to move, and duplex rowhouses are also seeing low inventory.
Here are the stats.
All residential sales are up 9.1% year over year and up 12.9% month over month. There is currently 2.2 months of inventory of all product types combined clearly putting Sellers in the best position to negotiate.
Single family dwellings are up 10.9% Y/Y and up 10.1% M/M. There is currently less than 1 month of inventory to sell, .9 to be exact. Anecdotally, multiple offers are becoming more common.
Condos are up 3.3% Y/Y but down .01% M/M, so not much change from January 2022. They now are sitting in a balanced position with 4.1 months of inventory.
Duplex rowhouses are up 9.3% Y/Y and up.7% M/M with .8 months of inventory. Also in a seller’s market position.
If you are thinking of making a transition or getting into the market, don’t be alarmed by these numbers. A professional will guide you through the selling and buying process and ensure you are getting the best representation and current market value. They will also keep the process as stress free as possible.
The spring market is still to come! Don’t hesitate to move forward with your house transition dreams!
Call me for professional representation.
