July Single Family Market Report
Single family home prices lifted in July, in line with last year’s values.
In July 2023, average sales prices settled at around $485,000 which is around $17,000 more than June 2023. This might be driven by the possibility of interest rate increases in September, combined with lower inventory levels than normal.
Over 900 single family homes sold in July 2023, which is around the same number as in July 2022. Our market should track or surpass last year’s sales figures, inventory levels allowing.
Days on Market
Average days on market in July 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 is still running at less than 4 months, and this is a good indicator for home sellers.
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.
Home sellers would be well advised to enter the market now if possible.
Buyside demand is stronger, possibly spurred on by the prospect of interest rate increases in September.
Although inventory is lower than normal, at the time of writing there were well over 4,000 single family homes for sale across Edmonton.
Buyers should perhaps choose a home now, If they hesitate, they risk paying more, or being forced to accept a lesser quality home once interest rates hit the market in early September.
Look for my August 2023 report during the first week of September. Thank you.
About the author:
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.
The views expressed in this article are those of Stuart Neal. Exp Realty and our team Ambergate Realty Advisors may not share the same views.
Posted by Stuart Neal on