Real Estate Blog

I’m sure you have heard lots of hype about the busy market and multiple offers and low product inventory. Yes its all true, May was a banner month for us. Please bear in mind however the year over year prices seem inflated as last year at this time we were still struggling to get a handle on the spread of the COVID19 virus.

All residential average price was up 11.7% year over year and 3.6% month over month. The low inventory is driving the prices up. We are sitting in a sellers market with 3 months of inventory remaining.

Single family dwellings are up 10.4% y/y and 1.4% m/m. But a sellers market of 1.9 months of inventory is what is causing buyers to panic and participate in multiple offers to get their next home.

Condos are up 13.0% y/y and 4.2% m/m and are at 6.7 months of inventory which is favoring buyers, yet again.

Duplex/Rowhouses are up 9.7% y/y and up 3.4% m/m with only 2 months of inventory, favoring sellers as well.

The new mortgage stress test increased as of June 1st which will put stricter parameters in place for buyers to qualify. This could have an impact on our market for the months to come. Many buyers may have rushed to get their home prior to this stricter criteria coming into play.

If you or someone you know is in the market to buy or sell, please advise them to use a professional. Of course, I’m never too busy to work with your referrals.

Enjoy our summer weather.

April has seen one of the busiest markets since the boom of 2006-07!

Here is the breakdown for this past month for the City of Edmonton average prices.

All residential average price is up year over year by 8.1% but held month over month is a .5% decrease. Favoring sellers right now with a 2.8 months worth of inventory.

Single family dwellings are up 10.3% year over year and held month over month with a .1% decrease. Houses are also favoring sellers with 1.8 months of inventory.

Condos saw a 1.6% increase year over year and also held month over month with a.2% increase. They are sitting in a balanced position with 5.4 months of inventory.

Duplex/Rowhouses are up 4.5% and held month over month is a .8% decrease. Also slim on their inventory favoring sellers with 1.5 months of inventory remaining on the books.

The year over year pricing can be a bit deceptive as you can appreciate that April 2020 we were in the beginning of our first lock down and people were uncertain as to future economic stability. April 2020 saw 514 residential sales while April 2021 saw 1934 sales. So be conservative in interpreting year over year numbers.

No matter what kind of market a professional will always be able to guide you through a sale or purchase with your best interests represented. Call me for representation!

All about you. Really.

The Spring market has sprung a little earlier than usual for the City of Edmonton!

All products are showing an average price increase year over year and month over month. Three product categories are up double digits! Bear in mind that one year ago March was the beginning of COVID lockdowns and restrictions. Even with that however, the month over month numbers are trending upwards.

All residential sales are up 12.6% year over year and up 4.5% month over month. We are showing a seller’s market of 2.9 months of inventory.

Single family dwellings are up 12.2% year over year and up 5.1% month over month. There is a seller’s market of 1.9 months of inventory.

Condo average price is up 2.8% year over year and up 3.9% month over month. There is a balanced market of 6 months of inventory. This product type hasn’t seen a balanced position in several years.

Duplex/Rowhouses are up 10.4% year over year and up 2.0% month over month. They too, are in a seller’s market position of 2.1 months of inventory.

Anecdotally, houses in the $350k-$500k range that are in good condition and priced well are selling quickly, sometimes even multiple offer situations.

If you or someone you know needs professional representation for the sale or purchase of your residential real estate, please send them my way.

Happy Spring everyone!

A big benefit of having a professional you can trust is knowing that you never have to go it alone. For example, if you work with a good tax accountant, you never have to search the internet trying to find an answer to a pressing tax question.

You just need to make a call.

That saves you time, frustration and worry — especially if you would otherwise be relying on answers from the internet. (Those answers may not even be right for your situation.)

Why am I bringing this up?

I want you to feel comfortable reaching out to me when you have a question or want advice that’s real estate-related. As a professional, I have the data and insights needed to provide you with the information you want, particularly as it pertains to your property and the local market.

Even if you just need to tap my network for a contractor recommendation, I’m happy to help.

So, please, think of me as that trusted professional you can count on when it comes to real estate.

All About You. Really.

October was a solid month of real estate activity for the City of Edmonton. Record low mortgage rates are causing buyers to act now!

Our numbers look like this:

All residential sales average prices were up 6.4% year over year and .7% month over month, with a balanced market position of 4.5 months of inventory.

Single Family average was up 3.9% Y/Y and a nominal .5% M/M. Houses are sitting in a seller’s market position of 3.2 months of inventory.

Condos suffered a downturn and lost some of what was gained last month. Average prices are down 1.2% Y/Y and down 2.7% M/M with a buyers market position of 7.9 months of inventory.

Duplex/Rowhouses had a very nominal increase of .1% Y/Y and another nominal decrease of .6% M/M. They are also sitting in a seller’s position with 3.9 months of inventory.

Remember, though, real estate is LOCAL and your product and neighborhood values are unique. So call me for your market valuation or help with a purchase.

Because it is all about you. Really.

I hope you’re enjoying the fall season! We are having such amazing weather. It is so great to still be able to be outside and enjoy warmth!

Here is your market update for September 2020.

The City of Edmonton (ONLY) stats have come in for September. Surprisingly All Residential average price has the largest year over year increase in many months. Average price for September 2020 is up 6.6% over September 2019. We sitting in a balanced position but almost favoring sellers with a total inventory of 4.2 months.

Year over year, Single Family Dwellings are up by 3.7% and are sitting in a strong sellers position with 3.1 months of inventory. Condos are up 5.6% but are still in a buyer’s market with 8.0 months of inventory. Duplex/Rowhouses have a decrease of 3.8% but are favoring sellers with only 2.8 months of inventory.

Month over month numbers are all up with the exception of Duplex/Rowhouse. All Residential average price is up by 1.5%. SFD are up a sliver by .2%. Condos are up 2.5%. But Duplex/Rowhouses are down 2.0%.

For all your residential real estate needs, call me. I can bring you current, neighborhood specific statistics to assess your sale price AND be sure you are not over paying for your purchase.

All About You. Really

Last month I talked about how the market felt like a Spring market. This month the gradual recovery from COVID 19 lock down continues. Mortgage interest rates at a 50 year low are driving buyers into the market. Anecdotally, multiple offers are frequent and some price ranges in certain locations are crying out for more inventory.

For the City of Edmonton ONLY, all product categories are up MONTH OVER MONTH. All residential is up 1.5%, Single Family Dwellings are up a mere .4% while condos increased 2.3% and Duplex Row Houses 1.7%. YEAR OVER YEAR, All Residential is up a slim .3% and SFD 1.5%. However Condos and Duplex/RH are down 4.1%.

The SFD and Duplex/RH categories are in a seller’s market position with 3.5 and 3.0 months of inventory. While the overall inventory and condos are in a buyer’s market position with 7.5 and 7.0 months of inventory respectively.

It is still a great time to buy or sell. If you need further information regarding your specific needs, please reach out to me via text at 780-893-9987 or email at melody@melodykilbank.com.

All About You. Really.

“It feels like a Spring market in July.” This is what I have been saying to people as I interact with them about real estate in Edmonton and area.

Here is a rundown of the City of Edmonton ONLY statistics for the month of July 2020.

We are in a Seller’s market for all product categories, except condos. They have now moved into a balanced position for the first time in MANY months. There are 3 months of inventory of single family dwellings and Duplex/Row houses have 2.7 months. Low inventory is driving this seller’s positioning in our market.

As for average prices, they are on the upswing month over month in all categories. Single family dwellings have seen the highest increase of 3.4%, condos a conservative 1.1% and 2.4% in duplex/rowhouses.

Year over year average prices have increased modestly at 1.6% for SFD and .1% for Dup/RH. Condos remained flat with a .7% decrease.

Currently one in 4.5 properties are selling.

If you have been postponing your decision to sell or buy because of COVID19, let’s talk. Now could be the opportunity and the best timing for a transition. I can give you more specific market information on your neighborhood sales. Call me at 780-893-9987.

All about you. Really.

I think you’re going to need to be sitting down when you read this short email about City of Edmonton June 2020 market stats.
We are in a Seller’s market for 2 product categories for this past month! This is a first time in many years since we have seen these kind of numbers.
Our overall residential sales are sitting in a balanced position but just about in a Seller’s position with 4.2 months of inventory left if we are selling at our current rate. Average price dropped 2.9% year over year and is up .2% month over month.
The Single Family products have had marginal change in average pricing Y/Y and M/M is less than 1%. But properties have been bought up and there is only 3.3 months of inventory currently putting sellers in a strong negotiation position.
As for condos, even these numbers are improving. Average price is down 9.3% Y/Y but up 5.7% M/M. There is 6.4 months of inventory remaining and this is almost sitting in a balance position.
Duplex and Rowhouses have seen a drop of 2.6% Y/Y and and slight increase M/M of .6%. They are also sitting in a Seller’s market position with only 3.5 months of inventory.p.
I have the latest information and data and can provide you with the answers and advice you need. So, when you have questions, please feel free to reach out to me. I’m happy to help.
All About You. Really.

These past few weeks have been challenging to say the least, but here in Edmonton, it feels like we are coming back to the new normal.

May was a month which showed some recovery from April’s hit. The unit sales are on the upswing. Average prices have dropped for some products but not as much as we anticipated.

All Residential sales are down 3% year over year and down only .4% month over month. We are still favouring a buyers market at 7.2 months of inventory.

Single Family has been the most robust retaining average price M/M with a slight uptick of 1.3%, down 3.4% Y/Y. Currently there is a balanced market position with 5.5 months of inventory.

Condos are still taking a big hit. with a decrease of 13.1% Y/Y and down 6.2% M/M. With 11.9 months of inventory condos are still favouring buyers.

Duplex/Rowhouses are down 2.4% Y/Y and down 2.3% M/M. There is a balanced market with 5.9 months of inventory.

With new showing protocols for both buyers and sellers, you can still buy or sell.

Call me for your specific statistical analysis for your neighbourhood. I will provide professional representation with all the protection provided for consumers.