May Market Update for Edmonton and St. Albert

What happens when the months of inventory dips below 2?
The prices climb.
When we look across the board we are looking at price increases for all property types. Year over year we've seen increases 4-12% and sales increasing 54% year over year...that's a big jump!
When looking over the numbers we're seeing multiple offers and prices going higher than list in some cases.
Buyers, be 100% prepared when you're getting ready (pre-approvals are a must in this market, and a nice letter with family photo doesn't hurt either).
Sellers, let's make sure your property is ready, marketed well, and exposed to as many people as possible along with getting expert guidance through the whole process.
Prices are rising, but hopefully we can help your stress-levels from getting high :)
Now, for the stats...
Last month's prices for St. Albert, Edmonton, and Area:
- Single Family Homes prices were UP 5.8% year over year, and UP 2.5% month over month to $530,000 ($517,000 the previous month)
- Semi-Detached Homes were UP 7.4% year over year, and DOWN 0.5% month over month to $407,000 ($409,000 last month)
- Townhomes were UP 12.5% year over year, and UP 4.2% month over month to $294,000 ($283,000 last month)
- Apartment Condos were UP 3.7% year over year, and essentially UP 3.6% month over month to $201,000 ($194,000 last month)
St. Albert Single Family Home Numbers:
- Sales: 106
- Days On Market: 34
- Average Price: $586,000 (Last Month: $562,000)
- Highest Sale: $1.33million in Erin Ridge
- Lowest Sale: $360,000 in Grandin
Total Inventory levels: SELLERS' MARKET
Total Inventory sat at 5,464 properties for sale (5,320 the previous month)
Total Sales for last month were 3,128, UP 54% from last year, and UP 27% from the previous month
Days on Market for single family homes sits at 36, DOWN from 42 the same time last year and DOWN from 40 last month
Months of Inventory are at 1.75 MONTHS OF INVENTORY
DOWN from 2.1 last month
We are sitting in a SELLERS' Market
(0-4 months is Seller's; 4-6 months is Balanced; 6+ is Buyer's)
#realestate #remax #realtor #edmonton #stalbert #alberta

[@GameOVR]

Thanks for the great information!

[@kevinmachado]

You're welcome!