What does a Balanced Market mean to you if you’re considering “next steps” in your home journey? Here are a few key factors you should know.
First: The numbers tell the story here, and as of July 31, 2022, quite simply, there are just more homes available for sale/purchase in the greater Edmonton Area. For a market to be considered “Balanced” there must be greater than 3 full months of home inventory available. The current number of home listings indicate there is 4.22 months supply available.
Second: More homes available for sale, equals more homes for potential buyers to choose from. This allows buyers take a bit more time to consider their potential home options before making any offers.
Third: When there are more properties to see, the pace at which showings are booked tends to slow down. This allows more potential buyers to schedule showings for the properties they are interested in, providing sellers a greater exposure of their property.
So, what’s the takeaway? Whether you’re a buyer or a seller, Market Statistics clearly show that the number of listed properties has increased, and the “SOLD” Home Prices have remained relatively stable in the greater Edmonton area. Which means, in all thing related to real estate, “time is of the essence” when it comes to entering the Home Market.
If you’re ready to take the next step in your home journey, we’d be happy to chat!
INFORMATION HEREIN DEEMED RELIABLE BUT NOT GUARANTEED