October Single Family Market Report
Single family home prices stay higher in October.
Sales prices continue to climb. In October 2023, average sales prices settled at almost $464,000 down slightly on the month before, but up $14,000 compared to October 2022. For the last 4 months, sales values have equaled or exceeded sales values for the same time last year. The single-family home market is trending up.
Sales volume over last year was up by 21% and the month before was 22% up That’s right, fully a third more homes sold. Around 841 homes sold in October 2023 compared to 693 homes in October 2022.
Days on Market
Average days on market in October 2023 was 42 days. This is 6 days faster than last year and speaks to the confidence that buyers are demonstrating in the Edmonton market.
In October 2023, there was just over 3 months of supply, confirming that for the last 9 months we have been in a seller’s market.
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.
In October the Bank of Canada elected to hold the ‘overnight rate’ to 5 ¼ percent.
This was great news for home sellers and buyers. Buyers can enter the market with certainty and confidence.
The pre-Christmas buyer market has yet to wake up. Based on last year’s numbers, around 1000 homes will sell by December 31st, 2023.
Sellers should consider listing their homes for sale now.
The bank meets again on December 7th. From what I understand interest rate increases would be introduced with the greatest reluctance. The intention is to bring rates down as we enter 2024.
Look for my November 2023 report during the first week of December. 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.
Stuart Neal is a licensed Associate Broker & Team Lead of Ambergate Realty Advisors / Exp Realty.Posted by Stuart Neal on