At the beginning of 2022, real estate sales peaked across Canada. Demand was high and supply was at a record low. However, now that we are nearing the end of spring, things seem to be cooling off for good. For real estate in Edmonton, there have been key signs that the market is finally balancing out. Learn more about the current and estimated future market conditions below!
Is Real Estate in Edmonton Finally Cooling Off?
In March, the all-time record was 3,283 sales in a month. As April came to a close sales in the Edmonton area were down by 11 percent with 2,919 resales. In April the number of new listings grew by nearly twelve percent from March. Spring has led to a more balanced market. There is currently more inventory, which is helping to balance out the high demand.
However, prices of real estate in Edmonton have continued to rise as more people make the move to the area. The average price of a home in Edmonton is $417,000 as of April. Thus, indicating a seven percent increase in price year-over-year. Despite this, the price only increased one percent from March of 2022. This is another good sign that the real estate market is steadying.
Sherwood Park and St. Albert continue to be busy with sales. Especially for single-family detached homes. However, it is likely that even in these hot areas of the market, things will slow down a bit.
Understanding the current market conditions is essential when buying or selling a home. For more information about how the market will look in the months to come, contact me today! I’d be happy to help you gain a better understanding of when to buy and sell real estate in Edmonton. Be sure to check out my brokerage's website for the latest updates and stay tuned to my blog for more real estate-related information. I look forward to working with you in the near future!