Low Inventory Continues To Drive Market Pricing!
Strong year over year price increases and moderate month over month increases is a quick summary of April 2022 stats for City of Edmonton. Inventory numbers are continuing to be low and all categories are in a Seller’s Market.
Here’s the details:
All residential average sale price is up 5.6% year over year and up .6% month over month with 2.4 months of inventory.
Single family dwelling average sale price up 9.6% Y/Y and up 2.3% M/M with 1.6 months of inventory.
Condo average sale price is up 4.4% Y/Y and down 3.8% M/M with 3.0 months of inventory.
Duplex/rowhouses average sale price is up 16.4% Y/Y (yes, I calculated it twice!) and up 5.1% M/M with 1.2 months of inventory.
The total market numbers indicate a 60% absorption rate, which means 60% of properties sold verses came on the market in the month of April.
Anecdotally, my colleagues with as many years of experience in the industry as I have, are referring to the market as “crazy”.
Great time to sell, and making a lateral move to buy. More challenging if your are selling then upsizing.
Whatever your transition plans, I can walk you through them with experience, current market analysis and as stress free as possible.
Call me with any questions or if I can help at 780-893-9987.
All about you. Really.
