How's The Real Estate Market In Edmonton Right Now?
Anytime there is inventory of 3.5 months or more - the market is considered a Buyers market. Typically you will pay a discount on homes for sale. Between 2.5-3.5 months of inventory - its considered a balanced market. 2.5 and below is considered a Sellers market, this is more demand for homes then there are for sale (supply). 2014 was a Sellers market due to the peak of Alberta's economy. This was most influenced by the oil industry.
Those who are buying their first home in Alberta, investors who are acquiring real estate in Edmonton, or people who are upgrading to a larger homes (selling their current home and purchasing a larger home) are the ones who are taking advantage in this market. Why? Because you get large discount on homes and even larger discounts on higher priced homes.
Average Time To Sell Your Home.
Average Sold Prices.
Average selling prices are up since last months statistics here in Edmonton, Alberta.
The selling price of all residential homes on average is up 3.33% from last year currently at $384,504.
Single family homes are selling at 450,366 which is a huge increase from last month at $435,366.
Condominiums are selling at an average price of $257,482 which is a slight decrease since last month at $263,236.
Highest sold prices for Edmonton in condominiums, single homes and duplexes.
RE/MAX River City