Selena July 2021 Newsletter

Last month I reported May home sales was seeing increased prices and increased number of sales. For June, the number of sales is holding steady and for single-family homes, the prices have still been increasing. After the August long weekend we should have July numbers to report so we are looking forward to that, however let us recap what happened in June. Overall the condo market is still relatively flat so most of the news you will hear is about single-family homes. So the number of sales is holding steady, which is another way of saying the curve has flattened. Average home prices have still been increasing though, and if you narrow down to just the City of Edmonton then prices have increased even more (up by 12% since January) compared to the surrounding areas (up by 10% since January). So it’s a pretty graph but what does it mean if you are trying to sell your home right now. We always say the home needs to be presentable and well priced regardless of the market. A lot of work goes into pricing a home just right so it will sell quickly for the highest price. The longer a home stays on the market, typically the lower the sales price will end up being. And speaking of days on market, you may have heard the average number of days on market is much less with this busy market. Yes that is true but you may not have heard the way MLS department record the number of days on market has changed. They no longer count days while a home is pending, so of course the number of days are less.