The May market performed amazingly well compared to the same time last year.
In May 2022, average sales prices remained high, but lower than the month before. The average price was $484,220 compared to $458,411in May 2021. This is an increase of 5% when compared to May 2021. The ‘blended’ increase for the year so far is 7%. Have values peaked for 2022? Perhaps.
In May 2021 there were a total 1427 Edmonton sales registered. In May 2022, there were 1303 sales registered equal to an 8% reduction in sales volume year on year.
Days on Market
Buyers continued to quickly select homes in May 2022 and the average time to sell was only 24 days, compared to 27days in May 2021. Although this stat is creeping up it's still comfortably lower than any time during the previous 2 years.
At the end of May there were 2427 single family homes for sale equal to 1.9 months’ 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.
Leverage continues to reside with home sellers. Values appear to have peaked but should remain relatively stable given the shortage of supply.
Look for my June 2022 report during the first week of July. Thank you.
About the author:
You can read more about the author of this blog by clicking this link - Stuart Neal, Broker, REALTOR® & Team Lead.
Our FLAT FEE home selling program gives clients proven results & affordability. To learn more call our Broker Owner & Team Lead Stuart Neal at: 780-760-2014 or visit our program page www.FixedFeeRealty.ca
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Posted by Stuart Neal