Optimism For Spring 2023 Market
Thu, 09 Mar“While numbers are not quite where they were at this time last year, we’re still seeing large percentage increases month-over-month in many of the categories,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “There’s lots to look forward to as we head into the warmer months and we’re feeling optimistic as we set our sights on the Spring market.”
So here is what is happening specifically in the City of Edmonton, excluding surrounding communities.
All residential sales were down 15.3% year over year, but on 1.3% month over month. We are in a balanced market position of 4.5 months of inventory remaining.
Detached homes were down 10.2% y/y but remained stable m/m at .4% increase. Houses are sitting in a balance position as well.
Semi detached (half duplexes) were down 2.1% y/y but also remained stable m/m at .4% increase. This product is in a Seller’s market position with only 2.7 months of inventory left.
Row/Townhouses had a decline of 4.5% y/y but an uptick of 3.9% m/m. They too are in a Seller’s market position with only 3.1 months of inventory.
Apartments had a marginal decline of .4% y/y but an uptick of 8.2% m/m. They are in a balanced position of 5.8 months of inventory moving close to a Buyer’s market.
Anecdotally we are seeing sign of an early spring market with more reports of multiple offers. So it is not too early to consider getting your house on the market for a Spring 2023 sale!
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