The October market continued to perform well.
Sales Prices
In October 2022, average sales prices were slightly UP compared to last year. And sales prices are trending 4% UP for the entire year. The average sales price for October was around $450,000 compared to around $444,000 in October last year.
Sales Volume
After the record-breaking start to the year, sales volume has dropped off dramatically. Sales volume will likely end the year around 500 fewer units being sold in 2023 when compared to 2022. A drop of about 4%.
We expect to see just under 12,000 single family homes sell in the Edmonton area by the end of 2022.
Condo sales are stronger. See my other report for details.
Days on Market
Buyers were taking their time a little more in October. The average time to sell was 48 days, compared to 44 days in October 2021. Days on market usually extends out as the market matures towards the end of the year.
Supply
Supply has now leveled off to around 4 ½ months. I expect supply to further moderate as unmotivated sellers leave the market as our winter weather kicks in.
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
Motivated home sellers are encouraged to price realistically and base their pricing on sales over the last 60 days. There are many buyers looking to move in before Christmas. There’s still time to catch those buyers if you bring your home to the market quickly.
Look for my November 2022 report during the first week of December. 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
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