We’re a few hours away from November and now is a perfect time to check the state of Edmonton’s real estate market in the past 10 months. This does not only concern real estate agents, it would have a tremendous effect on you if you’re planning of selling or buying a home.
Last 2 October, the REALTORS® Association of Edmonton came out with a report entitled “Fall Maintains Summer Heat in Edmonton Market”.
According to their research, the reports about the housing bubble in Edmonton has no solid basis as the numbers provide contrary evidence to this claim. Ereb.com said “Edmonton Census Metropolitan Area (CMA) continues to see the stable market we have enjoyed over the past few years.”
From September of last year, housing inventory is down 6%. Home for sale on the other hand stayed in the market for an average of 49 days this past August, it’s 5 days down from the same period last year. A good indication that this is the best time to sell your home is that the Edmonton's market have seen a steady gain in housing prices Y-O-Y, a sign that the market is strong and stable.
If you are serious of selling your property, here’s a good statistic, ereb.com reports that $435,584 is the average selling price for a single family dwelling, while condominiums are seeing a bit of a downturn at $254.494. Duplex/row houses are seeing a rosy market with prices going .3% up to $350,983.
In the Edmonton Census Metropolitan Area, listed residential properties reached a high of 2,193 and 1,568 were reported sold out of it in September. We’re happy to say that Team Leading Edge contributed to some of that statistic-the team is on a winning streak!
According to Greg Steele,President of the REALTORS® Association of Edmonton, the decrease in sales and average price are normal when fall arrives. He adds that “There is a false idea out there that people only buy houses in the spring and summer. People buy and sell their houses when the time is right for them. Consulting with your local REALTOR® is the best way to see if the time is right for you.”
September saw an 8% increase in listed homes for sale year-on-year.
View complete report here.
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