Melody Kilbank

“While both detached properties and apartment condominiums saw small drops in their average prices from this time last year, semi-detached homes and row/townhouses both saw a positive bump in average prices for July 2023,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “July also had an increase in sales across all categories, with apartment condominiums leading the way, noting a 31.6% jump from July 2022.”

The City of Edmonton stats are having its ups and downs this past month. Overall we are still in a strong seller’s market with the exception of apartment inventory which is in a balanced position.

All residential sales are down year over year 4.4% and down 1.3% month over month. Inventory is at 3.2 months.

Detached homes are down 3.9% Y/Y and up a marginal 0.1% M/M. Inventory is 2.7 months

Semi-detached homes are up 3.3% Y/Y and up 1.2% M/M with 1.9 months of inventory.

Row/townhouses are up 1.2% Y/Y and up a marginal 0.8% M/M. 1.9 months of inventory remaining.

Apartments are down 2.8% Y/Y and up 5.0% M/M. With a 4 month inventory level, apartments are in a balanced position.

Another increase in mortgage rates this past week is attracting serious buyers only. Low inventory levels continue to effect the Edmonton market so buyers have few choices. Homes that are in good condition and priced for current market are selling quickly. And often selling for over list price.

If you are needing to make a transition in your housing. Call me for professional representation. I have access to the most current and accurate market information.

All about you. Really.

“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.

“While numbers are not quite where they were at this time last year, we’re still seeing large percentage increases month-over-month in many of the categories,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “There’s lots to look forward to as we head into the warmer months and we’re feeling optimistic as we set our sights on the Spring market.”

So here is what is happening specifically in the City of Edmonton, excluding surrounding communities.

All residential sales were down 15.3% year over year, but on 1.3% month over month. We are in a balanced market position of 4.5 months of inventory remaining.

Detached homes were down 10.2% y/y but remained stable m/m at .4% increase. Houses are sitting in a balance position as well.

Semi detached (half duplexes) were down 2.1% y/y but also remained stable m/m at .4% increase. This product is in a Seller’s market position with only 2.7 months of inventory left.

Row/Townhouses had a decline of 4.5% y/y but an uptick of 3.9% m/m. They too are in a Seller’s market position with only 3.1 months of inventory.

Apartments had a marginal decline of .4% y/y but an uptick of 8.2% m/m. They are in a balanced position of 5.8 months of inventory moving close to a Buyer’s market.

Anecdotally we are seeing sign of an early spring market with more reports of multiple offers. So it is not too early to consider getting your house on the market for a Spring 2023 sale!

Call me for professional representation at 780-893-9987.

All about you. Really.

“The Edmonton real estate market remained relatively stable from December as we transitioned into the new year,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “While many categories saw minimal decreases month-over-month, average prices for both the row/townhouse and apartment condominium categories saw increases when compared to December 2022.”

As for the City of Edmonton specifically, here is how we started 2023.

All residential sales were down year over year by 6.4% and up a marginal .9% month over month. There is currently 5.4 months of inventory putting the Edmonton market in a balanced position.

Detached homes are down a marginal .6% Y/Y and down 2.5% M/M. They have 4.1 months of inventory just tipping them from a seller’s market to a balanced market.

Semi detached homes are down 5.1% Y/Y and down 4.1% M/M. They have 4.8 months of inventory putting them in a balanced position.

Duplex/rowhouses are up .6% Y/Y and up 2.6% M/M. With 2.4 months of inventory in a seller’s market, this product has performed the best in January 2023.

Apartment condos are up 10.4% Y/Y and down 1.9% M/M. They are in a buyer’s market position with 7 months of inventory to sell.

The 2023 Housing Forecast event put on by the REALTORS(R) Association of Edmonton had a common theme. Markets will soften over this year due to inflation and higher mortgage rates, but Edmonton is in a unique position of strong inter provincial migration and international migration. As well, our population base is the largest in the age category of people who typically buy property. So we will likely weather the difficult year ahead better than most markets. That is good news.

As always, if you need professional representation, please reach out.

The week I was delivering some Christmas gifts to past clients since 2020, was the coldest week we have had so far this winter. Fortunately, my husband was my driver, so he kept the car warm. The housing market for the City of Edmonton was also quite cold for December 2022.

“The Edmonton real estate market continued to cool into the month of December as listings and sales slowed for the holiday season,” says REALTORS® Association of Edmonton Chair Paul Gravelle.

Here’s what happened for the City of Edmonton.

All residential average price was down 7.6% year over year and 4.2% month over month. All property categories are in a balanced market position. On average there is 5.4 months of inventory across all categories. This favors neither buyers nor sellers.

Single family homes were down 2.5% Y/Y and down a marginal .1% M/M. There is 4.8 months of inventory.

Condos were down 3.7% Y/Y and down 7.8% M/M with 5.2 months of inventory.

Duplex/Rowhouses were also down 4.7% Y/Y and down 3.8% M/M with 4.2 months of inventory remaining.

Inventory numbers are low, like there were in early 2022. But this is not unusual for this time of the year.

With a balanced market, now is the time to buy or sell. No inflationary stats to effect pricing. A stable market prevents over buyer and under selling.

Call me for professional representation for your sale or purchase.

All about you. Really.

It is the 4th month in a row that the year over year average sale price for all residential sales decreased. Is this a new trend due to mortgage interest rates, or is it typical of the season? Time will tell, but 2 economists I have heard in the past month predict that there will be another couple of interest rate hikes in 2023, but then we will normalize in late 2023 and early 2024 and rates will drop.

Here is what happened in November in the City of Edmonton.

All residential average price was down 4.8% year over year and down 2.6% month over month. We are sitting in a balanced market position with 5.5 months of inventory.

Single family dwellings average price was down 1.8% Y/Y and down 2.1% M/M. They too are in a balanced market with 4.5 months of inventory.

Condos were down 2.3% Y/Y and up 1.6% M/M, the bright spot in the stats. They are in a balanced market position of 5.3 months of inventory.

Duplex/Rowhouses were up 3.8% Y/Y and down 2.9% M/M. They are sitting in a Seller’s market position of 3.6 months of inventory.

If you’re entertaining the idea of selling and finding your next dream home in 2023, I’m here to help. I can provide you with the market data and insights you need to make an informed decision. If you do decide to move, I can make that happen for you — smoothly and successfully.

So, keep me in mind when you’re making your plans for the new year.

Merry Christmas to you and your loved ones and best wishes for a prosperous 2023!

All about you. Really.

A balanced market is the best way to describe October 2022 City of Edmonton stats.

The average price for all residential sales was down 1% year over year but up 1% month over month. There is 5.8 months of inventory indicating a balanced market.

The average price for single family dwellings was up 1% year over year, but down 1.2% month over month. There is 4.0 months of inventory for a balanced market.

The average price for condos was down 5.4% year over year and down 1.7% month over month. There is 5.2 months of inventory for a balance market.

The average price of duplex and rowhouses was up 3.1% year over year and down 3.4% month over month. This category is sitting in a sellers market position of 2.7 months of inventory.

Seasonal changes and higher mortgage rates with not much hope of them coming down for at least a year seem to be holding the market back.

If you need to make a change, please call me for professional representation.

All about you. Really.

The best way to describe September 2022, City of Edmonton market is a “balancing act.” Inventory levels in all products except duplex/rowhouses have returned to a balanced market. This means there is on average 4-6 months of inventory left to sell in the different product categories and the market favoring neither buyer or seller. Here are the specific details.

All residential sales were down in average price by 1.6% year over year, but up on nominal .8% month over month. There is 5.5 months of inventory in total.

Single family dwelling average price was up 1.8% Y/Y but down 1% M/M. Inventory is at 4.9 months.

Condo prices were down 2% Y/Y and down a nominal .6% month over month. Inventory levels are at 5.8 month, almost back to a buyer’s market.

Duplex/rowhouses had a strong month of prices increasing 12.6% Y/Y and 6.4% M/M with only 3.3 months of inventory. This product is in a seller’s market position. Possibly reflective of buyers adjusting their expectations with rising mortgage rates.

The long summer weather we have experienced this past month has helped to keep the market active.

It is a good time to make a purchase or transition. The market is balanced and mortgage rates are still considered low.

Call me for professional representation or with any of your real estate questions.

All about you. Really.

I trust you had a great summer, whether traveling or staying home and enjoying our great summer weather!

To bring you up to date on the market for this past month of August, average prices for the City of Edmonton have softened since July.

All residential sales were down 3.3% year over year and down 7.1% month over month. They are in a Buyer’s market position for the first time in a while with 5.1 months of inventory.

Single family homes were up 2.2% year over year but down 5.9% month over month. They are in a balance market position of 4.1 months of inventory.

Condominiums were down 3.0% year over year and down 4.7% month over month. They are in a Seller’s market position of 2.5 months of inventory.

Duplex/Rowhouses are down 1.0% year over year and down 2.6% month over month. They are in a Seller’s market position of 3.0 months of inventory.

Seasonal slow down as well as the rise in mortgage rates are driving prices to soften and inventory numbers to lessen.

Market stats are local to communities as well as cities. So if you think your neighborhood isn’t reflecting the average and need a market valuation for your home, please reach out.

All about you. Really.

“We continue to see a gradual decrease across the board in the Edmonton real estate market,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “As interest rates and inflation continue to rise, we anticipate that we will see further impacts on the housing market in the days to come.”

For the City of Edmonton specifically, average prices have marginal change, with all residential sales by going up 1% year over year but down 1.1% month over month. We are still in a Seller’s market with 3.5 months of inventory.

Single family dwelling average price has gone up 2.6% year over year and .9% month over month. It too is in a Seller’s market position of 3.0 months of inventory.

Condominiums have gone down 2.5% year over year and down .8% month over month with a balance market position favoring neither buyer or seller at 4.7 months of inventory.

Duplex Rowhouses have gone up 8.6% year over year and down 5.2% month over month with a Seller’s market of 2.5 months of inventory.

Just to remind you as well, all real estate is local. Some areas are hot, some neighborhoods or complexes are not. To ensure you get the best representation for your sale or purchase, make sure you work with a professional.

I’m always available to help with any questions you my have. Call or text or email 780-893-9987 or melody@melodykilbank.com.

All about you. Really.