What Is REALLY Going On!
Real Estate is a hot topic these days, more so than ever. Every day we are inundated with articles on it be about mortgage rate increases, multiple offers, future predictions, you name it – we have heard about it!
Data is often the best indicator of “what is really going on” We have taken some time to break down the overall Edmonton market over January – March 2022 to show you what we have seen and experienced over the past 3 months. Stay tuned for more updates, as while we are multiple offers in many situations, this is not across the board and is primarily targeted to select sections of Edmonton. Some neighbourhoods are starting to see some minor and more significant shifts.
Edmonton Data as of March 31, 2022:
What is more interesting is how it breaks down in terms of prices. Of the 1575 homes for sale, the number of homes that showed available at each price point reflected the following:
How does this compare in regards to what has sold in the month of March 2022?
The data does indicate that we are seeing significant movement in the price ranges of $300,000 – $500,000. Southwest Edmonton is one of the more popular areas and newer builds (2010 or newer). What this data doesn’t show though is what parts of the city these homes have sold in which would factor into individual buying/selling strategies.
Sellers: What this does tell us is that for many sellers it is an extremely great time to sell – overall we have not seen an increase in the market to this level since 2007 and 2014 respectively. That being said, we are not in the BC or Ontario market and we are seeing fluctuations in the market based on types of homes, condition of the properties and location.
Buyers: Depending on your budget, location and what you are looking for may result in a more competitive landscape. Working with a team of professionals like our team at TruHome is important. We understand the nuances of how to craft a compelling offer, whether we are in multiple situations or not.
Connect with our Edmonton Real Estate team today to discuss how we can assist you with your Edmonton home buying or selling goals.
*Data collected Mach 31, 2022 via the REALTORS® Association of Edmonton MLS® System Data
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