Edmonton home sales stronger in July 2023 than 2022 or 2021
Home buyers continue to purchase in Edmonton – due to the strong economy as well as an increase in migration. Many sellers seem to be sitting back to see what is happening to interest rates, however, the homes on the market are moving.
We empower home buyers and sellers with the data they need to be successful. 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.
Obviously, there are many important factors to consider (what kind of home you have, what community etc.), so it’s important to look specifically at what the housing market is doing in your neighbourhood. It is dead-easy to look at our data with a personal lens.
Bōde sellers are more successful and actually make more money, on average, than the rest of the market. 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 August 2023?
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:
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)
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.
Sales are up 16% vs the average of the last 5 Julys
Home sales in July 2023 were higher than 2022/2021 levels for the first time this year. Sales are up 16% vs the average of the last 5 Julys. Meanwhile the number of homes for sale is 21% lower than where it would typically be this time of year. Despite this home prices decreased 0.5% over last month and down 6.2% over July last year
Edmonton's Detached Homes
Detached sales were up 13% in July 2023 compared to the last 5 Julys. Detached prices are down 0.4% MoM and down 5.6% YoY
Sales of apartments were down 24% in July 2023 vs the avg of the last 5 Julys. Prices decreased 0.3% MoM while being down 2.3% YoY.
Edmonton's Attached Homes
Attached sales were up 20% in July 2023 vs the avg of the last 5 Julys. Sales were even higher than 2022 & 2021 levels, making attached homes the strongest selling segment (relatively). Prices increased 0.6% MoM while being down 3.8% YoY.
It’s critical to understand the dynamics in your local property market
To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.
You can also 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.
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