September Single Family Market Report for Edmonton

The September market continued to perform strongly.

Sales Prices

In September 2022, average sales prices were very slightly UP compared to last year. And sales prices are trending 4% UP for the entire year. The average sales price for September was almost $458,000 compared to $457,000 in September last year.

Sales Volume

After the amazing start to the year, it should not be a surprise that volume would drop later in the year. Sales volume is now trending at around 83% when compared to the same time last year.

Overall volume for the year will in the end be about the same as for 2021 ie just over 12000 single family homes sold across Edmonton.

Condo sales are stronger. See my other report for details.

Days on Market

Buyers were taking their time a little more in September. The average time to sell was 44 days, compared to 40 days in September 2021.And 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 at first as the leaves fall, then when we get a frost and for sure when the snow flies.

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 would be encouraged to price realistically and based their pricing on sales over the last 60 days. The heady days of Spring are long behind us, and only realistically priced homes will sell in the current market.

Look for my October 2022 report during the first week of November. 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

Get the answers to your questions. Go to our You Tube Channel for buyers and sellers Stuart Neal - Real Estate Advice.