Spring is in the Real Estate air, and things are starting to heat up. Looking at just the Edmonton market and not all the surrounding communities we are seeing an upward swing. Days on the market has decreased in most sectors meaning houses are selling more quickly than previous months, Single family is at 51 days, Condos are at 66 days and Duplex/Row House is 61 days.
Inventory is up from April 2018 for single family homes but so are number of sales. Inventory for Condos are down but sales are consistent with 2018, and for duplexes inventory is down but sales are increased over last year.
Average prices still have not been gained back when looking at averages from 2018 but we saw an increase from March 2019. Average prices are up month over month for Single family increased 0.11% or $507 and Condos 7.48% or $15,433. Duplexes decreased 0.86 % or $2,898. Current months average prices:
Single Family: $432,572
Condominiums - $221,672
Duplexes/Row Houses - $334,401
We are seeing that the most active price groups for housing is between $150,000-399,999.
Despite the averages there are communities and neighborhoods in the city that are not seeing the averages and instead are in multiple offer situations because of the desire of the buyers. While looking at the overall stats is good to keep you in the know as to what is happening in the city it doesn't give you the whole picture.
It is important to speak with a professional if you are thinking about buying or selling so you can get more specific information and advice to set you up for success.
We’d love to hear from you, send us your questions or comments.