Edmonton home sales are down 2% and the number of homes for sale is down 6%
What does it mean? The housing market is slowing a bit. Would you like a silver lining? Prices are up 2.2% over last year!
Real estate is a hot topic in news, especially how inflation and rising interest rates are impacting Albertan’s housing needs. In Edmonton, is has had an impact, no question.
There has never been a more critical time to get home data for yourself. When you arm yourself with transparent data, you will feel more confident in setting the price of your home and selling it or buying at the right price.
Are you looking at buying or selling your home? Then you absolutely need to look at the specifics. The slowing of the housing market has not impacted all homes equally.
Bōde makes buying and selling your home a streamlined process offering significant time and cost savings along the way. We are also here to make sure you have the information you need to make the decisions that are right for YOU!
So what’s happening in the Edmonton real estate market as of October 2022?
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
Supply
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Demand
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
Edmonton continues to see strong sales and low inventory in the aftermath of COVID
New listings in September were up 9% while sales were down 2% vs. the previous 4 years. Sales have been consistently high since September 2020, however recent months have seen the end of that trend.
The total number of homes for sale is down 6% compared to the average of the previous 4 years. Inventory has increased quickly in the last 5 months back closer to average levels.
‘Months of supply’ has climbed above 4 months which is down just 9% vs the previous 4 years.
Fewer months of supply make conditions more favourable for sellers, while higher months of supply are more favourable for buyers. The current level would typically be seen as a ‘balanced market’ between buyers and sellers.
Overall, Edmonton prices are down 2.6% over last month, and up 2.2% over September last year.
What does this mean for sellers?
Right now supply is slightly low relative to previous years while demand is average, which means it is a more balanced market for people thinking of selling their home. Sellers who price their home well will still be able to sell quickly. However, your specific property value will be determined by market forces both within your community and against similar active listings. To find out what supply and demand look like for your specific community, click here.
What does this mean for buyers?
There are currently slightly fewer homes for sale than there have been in previous years. This means active buyers need to move fast to beat other buyers to available listings. One way you can move faster is by booking viewings directly through Bōde, so you don’t have to wait for a realtor to schedule your viewings or write your offer.
Market conditions vary substantially by property type, community and price range
Above, we’ve looked at the overall market for Edmonton, but different segments are performing very differently. Let’s look at a few examples.
Sales for detached homes were down 11% in September vs. previous years, while new listings were up 10%.
Edmonton Detached Homes
Detached homes were the best performing property type since the start of the COVID pandemic as buyers look for more space, however that trend is starting to reverse.
Detached prices are down 2.5% over last month, but up 2.7% over last year.
Edmonton Apartments
New listings of apartments were up 10% in September compared the average of the previous 4 years, while sales were up 20%.
Apartment prices have generally been on a downward trend since 2015. This month saw prices go down 1.0% over last month, while being up 0.1% vs. September last year.
Edmonton Attached Homes
New listings of attached homes were up 5% while sales were up 7% in September (compared to the previous 4 years).
Attached home prices are down 4.7% over last month, while still being up 1.2% over last year.
What really matters is what’s happening in your specific local property market. There are some communities, property types and price bands that are performing significantly better/worse.
It’s critical to understand the dynamics in your local property market
You can see the sold price of any home that has sold in the last 12 years using Bode’s Sold Data page.
If you’re thinking about selling, take a look at how Bōde helps sellers sell for 1.3% higher prices while paying 50% less commission.
Featured Listings
Bōde sellers sell for more and save a lot
Here are a just few of the many successful sellers
3223 Kulay Way SW, Edmonton
19141 22A Avenue NW, Edmonton
As a homeowner, or potential buyer, it’s important to stay up to date with current mortgage rate trends
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