September Single Family Market Report

Single family home prices stay higher in September.

Sales Prices

Sales prices continue to climb. In September 2023, average sales prices settled at around $468,000 down slightly on the month before, but $10.000 up on September 2022. For the last 3 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

Sales volume over last year was up by 22% and the month before was 33% up That’s right, fully a third more homes sold. Around 930 homes sold in September 2023 compared to 760 homes in September 2022.

Days on Market

Average days on market in September 2023 was 42 days. This is 2 days faster than last year and the current pace is more like we would expect to see in Edmonton.

Supply

In September 2023, there was just over 4 months of supply, suggesting we may have moved into a balanced market for the last quarter. However, the pre-Christmas buyer market has yet to wake up and the market could easily shift into a seller’s market again.

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.

Round Up

On September 6th 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.

Sellers should consider listing their homes for sale now knowing the ‘pre-Christmas movers’ are about to get active.

The bank meets again on October 26th and 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 October 2023 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.

Stuart Neal is a licensed Associate Broker & Team Lead of Ambergate Realty Advisors / Exp Realty.

 

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