Spring Market Has Sprung!
“We’ve certainly seen the real estate market come to life in the month of May,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Although small, there were improvements in the year-over-year detached average prices as well as row/townhouse and apartment condominium unit sales.”
For City of Edmonton ONLY statistics, we are in strong Seller’s market for all products with the exception of apartment condos. They are in a balanced position with 4 months of inventory.
We are still showing downward trends from year over year average prices, but the overall market showed a 2.7% increase month over month. Detached homes had a marginal up tick from last month of 1.2%.
Other products are showing a decrease in average price from April to May of 1.1% for semi-detached homes; 3.7% in Row/townhouses and 1.2% in apartment condos.
Anecdotally, multiple offers are quite common in all price ranges for single family dwellings especially. Colleagues are reporting similar experiences to my own when working with buyers. To compete, you need to make sure you have all your financing pre-approvals in place and know your limits. As well, working with a professional who has walked many clients through such an experience will help achieve success.
Call me for professional representation for both selling or purchasing. I am available.
All about you. Really.
