Market Updates Paul Zieba 22 Oct

New listings: 757 (+10% from last week)

Sales: 498 (+16% from last week)

Average price: $444K (-3% from last week)

Median price: $434K (+3% from last week)

The Market Just Bounced Back – But Not for Everyone

Last week I told you the market hit pause. This week? It snapped back to life – but only for certain homes. In fact, new listings jumped 10% and sales surged 16%. However, buyers who were sitting out came back, and they came back aggressive.

Nevertheless, here’s the twist: average price dropped from $456K to $444K (-$12K) while median price jumped from $423K to $434K (+11K). As a result, this creates the clearest signal yet that Edmonton’s housing market has split in two.

The Tale of Two Markets

Homes under $500K are now competitive. Multiple offers. Selling fast. Meanwhile, the median price climbing while inventory increases tells us buyers are fighting over these properties.

On the other hand, homes over $600K are struggling. Price cuts. Sitting longer. In fact, high-end homes are dragging the average price down even as the typical home gets more expensive.

Why This Is Happening

Week 3 of the teacher strike continues to play a major role. Most families dealing with childcare chaos aren’t browsing luxury listings. However, starter homes and mid-range properties? Those buyers never left – and now they have more inventory to choose from.

Additionally, the strike continues to impact higher-income buyers (teachers can’t qualify during strikes), but it’s not stopping the core market anymore.

What This Means for Buyers

Under $500K? You’re competing again. Therefore, last week’s advantage is gone. If you’re serious, move fast.

Over $600K? Consequently, you have negotiating power. Sellers in this range are motivated and inventory is building.

What This Means for Sellers

Under $500K? Price it right from day one and you’ll see action within days. As a result, this isn’t the market to “test high.”

Over $600K? Be realistic. Furthermore, your competition is sitting, waiting, and hoping. Don’t join them.

The Bigger Picture

This bounce-back proves the fundamentals are still strong for regular family homes. However, the luxury market is clearly feeling the pressure of economic uncertainty and the ongoing strike.

Nevertheless, when the strike resolves, expect even more momentum in the under-$500K segment as teachers return to the buyer pool.

Questions About Your Home’s Value in This Split Market?

Different price ranges are living in different realities right now. Therefore, let’s talk about where YOUR home sits and what strategy makes sense.

📞 780-619-4901 📧 pzieba@mortgageconnection.ca