March 2024 Greater Edmonton Area Market Update

What a month February has been! It has seemed like the last few weeks everywhere I am seeing sold signs popping up, and homes being bid up in multiple offers in the Edmonton area, even on some properties I didn't expect. One of my biggest concerns last month to ensure our market grew at a stable pace was increasing the number of listings coming to market. As we seen last month the demand was here, but listings hadn't quite made the comeback - good news they have. In February we seen nearly a 28% increase in new listings come to market which was over 9% higher than last year! Sales kept on rising posting a 52% increase from last months highs, however outpaced by listings we were able to sustain a 1.6% increase in the inventory on the market. With continued increasing sales we also seen a moderate price boost in everything but the semi-detached homes (needing a slight recovery from last month's nearly 10% increase) where the pricing grew by 2.1% to complete a 12% median price growth from this time last year. With increased sales we continued to see the active days on market fall by nearly a week and a half down to 50 days. Both of these trends would be expected with seasonal changes. The up and coming riser for Spring 2024 seems to be the townhomes. With over a 7% increase this month and up 14.7% since last year, and trending with the second lowest days on the market, I am certainly going to keep an eye on this sector as the median price point is still below $300,000. So, how does this impact buyers and sellers moving into March? Buyers, speed to offer will certainly be important. Several times I have seen clients end up in multiple offers in the past month within hours of a listing going live. One of the competitive ways to win other than price has been reducing the condition timeline to reduce the risk to the seller, if they accept your offer and it falls apart. For the sellers listing this month, even though we have seen some price gains, don't get greedy, over pricing a home above where the market is at can actually cause it to sit longer or reduce the number of offers generated from the listing. If you want to know how to take advantage of selling in this market, reach out to me for a free home evaluation, and I am happy to walk you through selling this spring. https://lorenzgroup.ca/evaluation   If you want to know how to best position yourself in this buying market, reach out for a free buying consultation and I am happy to come up with a game plan for you this year. https://lorenzgroup.ca/contact Nathan Lorenz Real Broker 825.461.5091lorenzgroup.ca 

February 2024 Edmonton Area Market Update

Can you believe it, January has come and gone? I can certainly say, it was a busy month and flew by.   If anyone has been in the market recently they probably have heard the term, "early spring". It seems to be the word on the street, but let's walk through how January was in the Edmonton Area.   It seemed like the fireworks barely stopped on January 1st before I started seeing sold signs going up across the city and my phone started ringing with new energy, and it turns out I wasn't the only one. January 2024 seen a 46.8% increase in sales than the same month in 2023, with a slight problem, the amount of new listings fell by 2.3% compared to last year. Seeing more activity from one month to the next like December to January is always expected seasonally, but comparing to one year ago it shows the change in the market.   So, how did that affect prices? The median home price in the Edmonton Area rose 7.6% in January from December resulting in 11.4% increase from this time last year, most notably semi-detached rising by 9.6% for this month and still leading annually at a 13.2% increase. Does this mean everything was positive in January? Not quite. It seems like it has been a common occurrence even in the rising times that apartment condominiums forgot to raise their prices posting a 1.9% loss during this same time and barely hanging on to its now 1.9% rise from this time last year. The days on market also increased by an entire week from this time last month, however still down by a week from this time last year.   So, what does this all mean if you are buying or selling this spring? Well, inventory is going to be the favorite word for the next few months. Depending on how many new listings come to market will dictate if prices have a drastic and prolonged increase or a more moderate seasonal increase till mid year. The last 30 days have shown the demand is here, but we are going to need to see the next 30-45 days to see if the inventory will respond to match the demand or not. If you are thinking of selling, we have the demand, especially with continued out of province buyers and new home owners taking advantage of the easing interest rates which are now in the high 4% range. If you are thinking of buying, it isn't too late, there are still some deals in certain areas, but know to be prepared to compete as even the listings I didn't expect in multiple offers, went into multiple offers last month.   If you want to know how to take advantage of selling in this market, reach out to me for a free home evaluation, and I am happy to walk you through selling this spring. https://lorenzgroup.ca/evaluation   If you want to know how to best position yourself in this buying market, reach out for a free buying consultation and I am happy to come up with a game plan for you this year. https://lorenzgroup.ca/contact   Nathan Lorenz Real Broker 825.461.5091