Here is your rundown of the Real Estate market in the Edmonton and area for February 2023!
Our market is currently balanced as the inventory rate is 4.38 months. This means that if no new houses hit the market it would take 4.38 months to clear inventory. This is down from 5.27 months last month but we were still sitting in a balanced Market leaning a little more towards a buyer’s market. This suggests supply is meeting demand. In the Edmonton and area the number of active listings is 5,659, up 8.85% versus last month and up 20.69% versus this time last year when inventory was low coming out of the pandemic. The number of new listings last month was 2,579 up 13% versus last month and down 13% versus last year. The number of homes sold last month was 1,291. It’s up 31% versus January and down 43% versus last year indicating that the market is getting busier going into the spring.
In the Ellerslie area, located in the south east of Edmonton, we did see a drop in average home prices but this includes condos and attached homes where we did see an increase in sales last month. This area includes Summerside, The Orchards, Walker Lakes, Aurora, Charlesworth and Ellerslie Crossing. The average home in this area sells for $346,347 and is down 13% from January and down 18% versus this time last year. The average days on market in this area is 58 days which is up three days versus last month and down two days versus last year. 58 days is also the average days on market in the Edmonton area. The average list to sale ratio in this area is 98% and stayed the same from January versus 100% this time last year when houses were selling for list price and above and we were seeing a lot of multiple offer situations. Interest rates have remained the same since last month and are between 4.63% and 6.34%. It pays to shop and I would be happy to help find you the right mortgage professional. The Bank of Canada made the announcement today, March 8th that they will be holding the current rate as the government is seeing a drop in inflation. For more information on the Bank of Canada Interest Rates see their website.
If current trends continue we should see a balanced market heading into spring. The Edmonton housing market remains stable; it’s definitely not all doom and gloom as the media likes to make it out to be. Edmonton continues to attract young professionals and families with our affordable housing market and low cost of living compared to other major cities across Canada. If you can stomach our winters its a great place to be!
If you would like to know how this impacts you and you have any questions about the market, get in touch and let’s talk about it!
This report was created using REALTORS® Association of Edmonton statistical data. Information herein deemed reliable, but not guaranteed. Not intended to solicit buyers or sellers under contract.