The August market continued to perform well compared to the same time last year.
In August 2022, average sales prices decreased by around $26,000 when compared to July. However, sales prices are still 3% UP over August 2021. The average price was around $461,000. The ‘blended’ increase for the year so far is 6% trending down.
The volume of sales was further reduced. In August 2021 there were a total 970 Edmonton sales registered. In August 2022, there was only 775 sales registered equal to a 20% reduction in sales volume year on year. This is the fourth month in a row that single family volume was less than last year.
My expectation is that volume will start to level up soon. Condo sales are stronger. See my other report for details.
Days on Market
Buyers were taking their time a little more in August. The average time to sell was 40 days, compared to 37 days in August 2021.Days on market usually extends out as the market matures into the balance of the year.
Supply is now at an annual high of four and a half months of supply. I do expect supply to moderate as unmotivated sellers leave the market in September and into the last quarter of 2022.
In general, anything less than four months of supply is considered a sellers’ market. Four to six months is balanced and anything above six months of supply is considered a buyers’ market.
Motivated home sellers would be encouraged to price aggressively. The heady days of Spring are long behind us, and only realistically priced homes will sell in the current market.
Look for my September 2022 report during the first week of October. Thank you.
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