Shifting Market – Edmonton Single Family Homes July Update
So, here is the deal – we are seeing a shifting market. While July normally is a slower month due to people taking advantage of the summer months for holidays and local festivals/fun, compared to June we are seeing more drastic shifts than what we would consider normal seasonal changes.
Single-family homes in the greater Edmonton area saw a shift of 12.4% fewer sales in comparison to sales from the same time last year (July 2021). What may feel more surprising is the fact that comparing June 2022 and July 2022 – we are seeing an even more drastic change of 24.4%. You can read more about the Greater Edmonton Outlook from our Real Estate Association of Edmonton’s recent market update here.
We here at TruHome decided to dive a little deeper into the market stats for Single Family homes in the city of Edmonton to gauge a deeper sense of what is going on.
We have 9 months of active inventory compared to what is pending, and 4 months of active inventory in comparison to the most recent month of sales data (846). It is important to recognize that first impressions are important and pricing your home strategically will make a difference. The ones that are going pending/selling quicker, are pricing lower than what we may have seen even a couple months ago.
When we look at the sales by price range, it shows that the most competitive price ranges are still between $300,000 – $500,000 for Single Family Homes in Edmonton with some homes still competing in multiple offers. What is important to remember about this data, is that it is a snapshot of what is happening in the Edmonton Real Estate market, we are still more up than previous years in terms of value and there are still great good opportunities for sellers to sell and for buyers to buy. Every person’s situation is unique and it comes down to how your real estate goals can impact and enhance your life as a whole.
