We saw a bit of an up turn in the Edmonton Real Estate market from January which may be an indication that people are gearing up for the upcoming spring months and we expect the trend to continue upwardly. Single family homes saw an increase in sales price by just about 8%. Condos also saw an increase in sales price by just under 2.5%, but duplexes remained stagnant at about a -0.37% decrease.
Year over year, however we saw decreases straight across the board when comparing sales prices to last February's average prices and days on market. Days on Market have increase for Single family homes, Condos and Duplex/Rowhouses, so patients is key for sellers.
Let's take a look at inventory - Single family homes have the highest inventory level they have been at in the last 3 years, as are duplexes and rowhouses. Condos on the other hand are at a record low of units available in the last 5 years. The actual number of property sales are down when compared to last year. Again patients are key, but a strategy is more important if you are looking at selling your home.
Single family homes saw an decrease in sales price by just about 3%, or $13,700. Condos also saw an decrease in sales price by about 7% or approximately $16,500, and the largest decrease is in duplexes/rowhouses with a decrease in price of -9.63% or about $35,300.
If you'd like more details about a particular neighbourhood or would like to know your homes worth, contact us we'd be happy to chat!
The infograph shows a quick summary of the Edmonton Market (this excludes data for surrounding cities).
We’d love to hear from you, send us your questions or comments.