Melody Kilbank

I was duly surprised when calculating the stats for City of Edmonton March 2022. For the first time in years, every product category is sitting in a seller’s market position. Typically condos or duplex/rowhousing is the hold out for a balanced or buyer’s market. But not for this past month!

So here is a run down of what happened.

The average price of all residential sales was up year over year by 4.5% and up a marginal .3% month over month. There are 1.7 months worth of inventory. (This means that if there were no further listings added, and properties were being purchased at the rate they were in March, there would be 1.7 months left of product available.)

Single family dwellings average price was up 7.5% Y/Y and 1.3% M/M. There is 1.1 months of inventory.

Condo average price was up 8.1% Y/Y and 8.8% M/M with only 2.5 months of inventory.

Duplex/Rowhouses average price is up 11.3% Y/Y and 3.8% M/M with only .7 of a month of inventory.

So what does this mean for consumers? Low inventory means a competitive market. Seller’s are often in a multiple offer position. Professional representation is needed to ensure the consumer is not over buying for their neighborhood. As well, a professional real estate agent will guide seller’s through the complexity of dealing with more than one offer and ensuring they don’t sell their home twice.

If you have been waiting for the Spring market. It is here. Don’t delay. Call me today.

All about you. Really.

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.

Well, there is quite a bit of buzz amongst my colleagues. Multiple offers on single family dwellings are becoming quite common. However, average prices don’t seem to reflect this upswing in the market just yet.

All residential sales average price was up 3.2% year over year, but down 1% month over month. The low inventory is dictating a seller’s market of 3.8 months remaining.

Single family is where I expected to see more dramatic numbers, however, average price is up 3.3% Y/Y but down 4.4% M/M. December seemed to be a better month for houses. This product is still in a seller’s position of 3.0 months of inventory.

Condominiums saw the most dramatic increase of 3.2% Y/Y and 8.5% M/M but still remain in a buyer’s market position of 6.4 months of inventory.

Duplex/rowhouses are up 7.4% Y/Y and up 4.9% M/M with only 1.8 months of inventory. Sellers are in the best position. This is typically mostly a starter product and could reflect the response of buyer’s finally buying with the concern of mortgage rate increases to come.

Real estate valuation is local, neighborhood specific and often condo complex specific. So if you are thinking of making a move, call me for a professional opinion and representation.

All about you. Really.

City of Edmonton inventory numbers are the lowest they have been in a long time. Prices have dropped just like our winter temperatures.

All residential average sale price for December 2021 was up year over year 6.1% but down month over month by 1.2%. We are in a balanced market position of 4.6 months of inventory.

Single family properties are up 8.9% y/y and up a marginal .9% m/m with 2.4 months of inventory, favoring a strong sellers market.

Condominiums are down 6% y/y and down 7.8% m/m. They have 6.5 months of inventory favoring buyers.

Duplex/rowhouses are up 8.7% y/y and up 3.4% m/m. They too have a strong sellers market of 2.3 months of inventory.

I look forward to hearing the annual market forecast in a couple of weeks and will be happy to report back in February for the market predictions for 2022.

In the meantime, low inventory numbers are putting sellers in a great position to sell. If you have a family member, friend, co-worker or acquaintance looking to make a real estate change in the next year, please think of me to serve them.

Just know, I’m here for you whenever you need real estate-related information, advice or help.

All about you. Really.

City of Edmonton November 2021 market stats gifted us with more of the same. I’m not complaining, as Edmonton is still one of more affordable cities to live in, in Canada!

All residentials sales are sitting in a balanced market with 4.4 months of inventory to sell at our current rate of purchasing. The average price went up 1.9% year over year and 1.4% month over month.

Single family dwellings are in a strong seller’s position, as there is only 2.4 months of inventory. The average price was up 3.5% year over year and up a mere .7% month over month.

Condos are still in a buyer’s market position with 6.3 months of inventory. The average price went down 2.4% year over year and 1.2% month over month.

Duplex/rowhouses are in a strong seller’s position with only 2 months of inventory to sell. The average price went up 2.9% year over year and down 3.4% month over month.

Our market has been stable over these past months. It is a low risk to make a change even at this time of year. So if you or someone you know needs professional representation to buy or sell residential real estate, I am a call or click away.

If we don’t get a chance to chat before the year’s end, let me take this opportunity to say, “Thank you for the privilege of staying in touch with you!”

Merry Christmas and best wishes for the new year!

October shows a positive increase and stable market for 2021. The strongest increase is in the duplex/rowhouse products.

Here is a summary of what happened last month in the City of Edmonton.

All residential sales stayed very flat with a .4% year over year increase and .1% month over month increase. A strong sellers market at 1.8 months of inventory.

Single family dwellings were up 3.3% y/y and down a marginal .4% m/m. Still holding a seller market position with 3.1 months of inventory.

Condos also stayed stable at .6% increase y/y and a promising 2.2% increase m/m with 6.4 months of inventory. Still holding to a buyers market, but awfully close to a balanced market position.

Duplex/Rowhouses showed a very strong increase of 8.7% y/y and 7.9% m/m and with only 2.8 months of inventory, sellers have the advantage.

So if you have been thinking of up-buying and own a rowhouse/duplex, now is the time to take action.

As your real estate agent, I’m always available when you have questions or need advice regarding home ownership. In fact, I’m there when my clients need me even if it’s months or years after a transaction.

So, please don’t hesitate to give me a call. You don’t have to be serious about selling your home to talk to me. Even if you’re at the “wondering about it” stage, I’m here to help.

All about you. Really.

The City of Edmonton market price averages for the month of September have cooled down slightly from August, just like our weather! This seasonal adjustment is not unusual as school resumes and families get into their new routines for the coming year.

Year over year price averages for all Edmonton sales was up slightly by .7%, single family dwellings up by 3.8%, condos down by 4.3% and duplex rowhouses up by a marginal .6%.

Month over month pricing has decreased in every product area. All residential average was down 1.3%, single family down 1.1%, condos down 1.4%, and duplex/rowhouses by 7.4%.

We are still sitting in a seller’s market position for single family and duplex/rowhouses with 3.2 months of inventory and 3.6 months of inventory respectively. As for all residential sales we are in a balanced position, favoring neither buyer nor seller. And condominiums still remain in a buyers position of 7.1 months of inventory.

I’m often asked the question, when is the best time to sell or buy a home. I usually say, if you are buying and selling within a month or two of each other, anytime is a good time, as the market conditions remain similar. If you are buying for the first time, taking advantage of seasonal slow downs can be in your favor.

For professional representation, please give me a call.

Have a great Thanksgiving weekend!

All about you. Really.

With respect to the August 2021 stats, the REALTORS(R) Association of Edmonton Chair, Tom Shearer says, “…while we have started to see slight decreases in the month-to-month activity. The market is starting to balance out after a very busy 18 months with pricing increasing a nominal amount year-over-year.” Which is a great summary of our market this past month.

We still maintain a seller’s market position for all residential sales and houses and duplex/rowhouses. However condos are in a buyer’s position of 7 months of inventory.

Here is the breakdown by product:

All residential average sale price is up 3.3% year over year and down 1.6% month over month.

Single family dwellings are up 4.9% year over year and down 1.3% month over month

Condominiums are down .5% year over year and down 7.3% month over month. (I’m often asked what a condominium is. It is any kind of residential product in which you own your own unit and share ownership of common areas. So condos can mean apartments, townhouses, some residential attached products such as a duplex which shares common underground utilities.)

Duplex/Rowhouses are up 6.0% year over year and up 1.8% month over month.

As always, real estate is local, and prices can vary from neighborhood to neighborhood as well. So if you, or someone you know needs professional representation, please give me a call.

All about you. Really.

July 2021 was setting all kinds of heat records here in the City of Edmonton. The Sellers market also continues to be hot and has been for the last 11 months.

Here’s what our numbers looked like for July 2021

All residential sales is sitting in a sellers market with 4 months of inventory. Average price is up by 6.2% year over year and down 2.2% month over month.

Single family sales is in a sellers market with 3 months of inventory. Average price is up 6.4% year over year and down 3.1% month over month.

Condominium sales is in a buyers market with 6.6 months of inventory. Average price is up 9.2% year over year but down by a mere .5% month over month.

Duplex/Rowhouse sales is in a sellers market with 2.6 months of inventory. Average price is up 6.0% year over year and up by 1.5% month over month.

Houses are in the greatest demand and duplex rowhouses are showing the most positive stable pricing for the month. I observe the annual July decrease in pricing as people are going away on vacation and not thinking about their real estate investment. Especially after the pandemic, people just want to get out of town.

For any kind of professional, residential representation, please call or pass my name and number onto someone you know!

Referrals are always appreciated!

All about you. Really.

The City of Edmonton’s market stats are out and June shows some conservative promise for market appreciation.

The year over year average price increase are still reflective of the early reaction to COVID 19. All products categories were up as follows: all residential 9.4%; single family 9.3%; condo 9.1% and duplex rowhouses 7.2%

The month over month average prices were down for all residential by 1.2% but still favoring a seller’s market with 3.2 months of inventory. For single family average price is up 2.9% with 2.3 months of inventory favoring sellers. Condos increased by 2.9% also but are sitting in a balance market position. Duplex/rowhouses are down by 2.3% but are favoring sellers as well, with 2 months of inventory.

So all the buzz of multiple offers and a frantic market has ultimately produced a conservative appreciation in each category. So the volatility of the market has calmed down and it is still a great time to buy or sell.

If you or someone you know needs to make a transition, call me for professional representation.

All about you. Really.