This month I am sharing a list of some of the more common terms you may hear regarding real estate transactions. If you have any questions on these or any other real estate-related concerns, please feel free to reach out to me. I’ll be happy to help you out!
Craig Finnman
Re/Max Elite
(780) 982-1589
craig@craigfinnman.ca
Total residential unit sales decreased by 26.1% compared to December 2021 and decreased by 22.1% from November 2022. New residential listings were down 12.9% year-over-year from December 2021, and down month-over-month, decreasing 38.8% from November 2022. Inventory was up 6.1% from December of last year but decreased 21.8% from November 2022.
Single-family home sales are down both 31.9% from December 2021 and 24.2% from November 2022, averaging $457,371, a 1.0% year-over-year decrease and a 0.6% increase from November 2022. They spent an average of 52 days on the market, a 6-day increase from December of last year.
Condo sales were down 2.8% year-over-year and decreased 15.5% from November 2022, averaging $207,114, resulting in a 4.6% decrease year-over-year, with prices down 4.4% compared to November 2022. They spent an average of 70 days on the market, increasing by 5 days year-over-year.
Duplex/rowhouse sales also fell 41.9% year-over-year and 33.6% month-over-month. Prices decreased 1.9% from December 2021, selling at $356,822, a 0.7% decrease from November 2022. They spent an average of 47 days on the market, with no change being reported from December 2021.
All residential prices average at $361,172, a 5.2% decrease from December 2021, and a 1.9% decrease from November 2022. The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $373,200, a 0.9% decrease from December 2021 and 0.1% from November 2022.
If you or someone you know is looking to sell your home in Edmonton or Sherwood Park, contact me to discuss how this impacts your selling decision!
Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589
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Wrapped up 2022 on a high note! Seems like yesterday we were just at the start of the year, like we are now, crazy how time flies. We couldn’t be happier knowing our clients have found the success they were looking for, whether that was buying their first home, or selling to upsize or downsize.
Thank you for putting your trust in my staff and I to help guide you through the process. We’re forever grateful, with so many great options in the community, we can’t say thank you enough for your trust with your real estate needs. This wouldn’t happen without you or your word of mouth to your friends and family and for that, we are humbled and excited for this new year ahead.
Regardless of your situation, we are here for you. Reach out anytime!
Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589
“Sales actually popped up from September to October, and the decline in prices on a month-to-month basis got smaller for the fourth month in a row,” says CREA’s Senior Economist, Shaun Cathcart
Wondering how this impacts your home buying or selling decision? Are you interested in moving out of the province? Connect with me to discuss your options and for a trusted referral.
Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589
Your tone of voice and the words that you use can sometimes be the difference in whether a conversation is positive or not. Here are some great books to check out that offer tips on ways you can ensure that your conversations have the best outcomes.
Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589
Watch Video
Total residential sales decreased 6.7% compared to September 2022 and saw a year-over-year decrease of 21% from October 2021.
New residential listings decreased 13% month-over-month from September 2022 and saw a slight increase of 0.8% from October last year.
Overall, all residential listings averaged 47 days on the market, decreasing one-day month-over-month, and no change was recorded from October 2021.
Single-family home unit sales were down both 22.59% from October 2021 and 2.8% from September 2022 at 869. They averaged 44 days on the market, seeing no month-over-month increase. Single-family homes averaged $462,858, a 2.7% year-over-year increase and a month-over-month loss of 0.3%.
Duplex/rowhouse unit sales were down both 27% year-over-year and 12.4% from last month. Prices increased 3.7% from October 2021, selling at $372,027, and saw a 1% decrease from September 2022. Duplexes averaged 48 days on the market, increasing by three days as compared to last month.
Condo unit sales decreased 14.7% from October 2021 and were down 13.9% from September 2022. They sold for an average of $224,252, seeing a small decrease of 0.3% year-over-year and increasing 1.7% when compared to September 2022. Condos averaged 55 days on the market, decreasing by one-day month-over-month.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $378,900, both a 0.7% decrease from October 2021 and a decrease of 2.5% from September 2022.
If you or someone you know is looking to sell your home in Edmonton or Sherwood Park, contact me to discuss how this impacts your selling decision!
Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589
Read Full Market Stats Report
I love what I do and I appreciate all of you! THANK YOU to my client base for all of your dedication and support. I’m extremely grateful for my life in real estate and am always a phone call away ready to answer any of your questions!
Reach out today if you’re ready to sell your Edmonton or Sherwood Park home. I’d love to help!
Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589
Your Trusted Real Estate Partners. Contact us at 780-982-1589 for all your property needs.