July Single Family Market Report for Edmonton

The July market continued to perform well compared to the same time last year.

Sales Prices

In July 2022, average sales prices increased over June. The average price was around $487,000 compared to about $480,000 in June 2022 and around $453,000 in July 2021. This represents an increase of 7% when compared to July 2021. The ‘blended’ increase for the year so far is 7%.

Sales Volume

The volume of sale in July dropped dramatically. In July 2021 there were a total 1114 Edmonton sales registered. In July 2022, there was only 923 sales registered equal to a 17% reduction in sales volume year on year. This is the third month in a row that single family volume was less than last year. Perhaps this is a product of very early activity at the start of the year combined with the effect of interest rate increases that occurred mid-July. Conversely condo sales are stronger. See my other report for details.

Days on Market

Buyers continued to quickly select homes in July 2022 and the average time to sell was only 35 days, compared to 34 days in July 2021.Days on market usually extends out as the market matures into the balance of the year.

Supply

In June there was 2-month supply of homes for sale. In July that changed to 3.5 months of supply.

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.

Round Up

Leverage continues to reside with home sellers for now at least. There was a significant change in supply and sellers would be well advised to position their homes correctly for the market or risk disappointment.

Look for my August 2022 report during the first week of September Thank you.

About the author:

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

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