Stuart Neal's Blog

August Single Family Market Report

Single family home prices stay higher in August.

Sales Prices

Sales prices continue to climb. In August 2023, average sales prices settled at around $473,000 down slightly on the month, before but $12,000 more than August 2022. This might have been driven by the possibility of interest rate increases in September, combined with lower inventory levels than normal.

Sales Volume

Sales volume over last year was up by 33%. That’s right, fully a third more homes sold when compared to August 2022. Around 1030 homes sold in August 2023 compared to 775 homes in August 2022. 

Days on Market

Average days on market in August 2023 was 43 days. This is longer than the previous 2 years. The current pace is more like we would expect to see in Edmonton. The previous 2 years were extraordinary.

Supply

Single family home listings are in short supply. In August 2023, there was only 2.8 months of supply making for a solid ‘seller’s market’ environment.

In general, anything less than four months of supply is considered a sellers’ market. Four to six months is a balanced and anything above six months of supply is considered a buyers’ market.

Round Up

On September 6^th the Bank of Canada elected to hold the ‘overnight rate’ to 5 ¼ percent.

This is great news for home sellers and buyers.

Buyers can enter the market with certainty and confidence.

Sellers should consider listing their homes for sale now knowing the ‘pre-Christmas movers’ are about to get active.

Look for my September 2023 report during the first week of October. Thank you.

About the author:

You can read more about the author of this blog by clicking this link - Stuart Neal, Team Lead & REALTOR^®.

Our proven & affordable FIXED FEE home selling system gives clients the best combination of price & value for home selling services. To learn more, call our Team Lead Stuart Neal at: 780-760-2014 or visit our program selling system page www.FixedFeeRealty.ca

Get the answers to your questions. Go to our You Tube Channel for buyers and sellers Stuart Neal - Real Estate Advice.

Stuart Neal is a licensed Associate Broker & Team Lead of Ambergate Realty Advisors / Exp Realty.