As we reach the halfway point of summer, the market is showing more signs of change. The Edmonton Real Estate Board reported a decline in sales both month over month and year over year for the month of July. This was combined with a drop in prices for townhouses, condos and single family homes since June.
What many people don’t know is that Sherwood Park remains a relatively robust market. The absorption rate of single family homes being sold remains above 40% – which is considered a strong market – even though it dropped from the previous month by about 10%. What makes this particularly interesting is that the absorption rate was almost cut in half in both St Albert and Fort Saskatchewan and dropped by approximately 35% in Edmonton in the past month. All 3 areas are now showing signs of being in a strong buyer’s market – while Sherwood Park would still be considered something of a Seller’s market.
With rates still expected to rise and the government still struggling to control inflation, downward pressure on both sales and prices will remain for the foreseeable future. If you’re thinking of buying or selling – give us a call. We’d love to discuss how the market may influence your strategy and can help you achieve your Real Estate goals!
Real Estate Associate
