The current market conditions in Edmonton and surrounding areas are still considered a buyers market due to the 4.6 months of listing inventory. In clearer terms, it would take 4.6 months to sell all homes for sale if there were no more new listings.
Who can take advantage of todays market? 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 home (selling their current home and purchasing a larger home).
As of June 2016, single family homes have a current average sale price of $435,366 which is a minimal decrease by 1.18% compared to the previous month.
Condominiums in Edmonton and surrounding areas have increased in their current average price to $263,326. This shows a 3.45% increase from last month but a 2.65% decrease compared to last year.
Duplexes remain to experience very little change in average sale price at $352,785.
As shown in the diagram below, the highest home sold was in June 2016 at $2,280,000 and the highest listed home was $3,750,000.
The highest listed condominium was 1,545,000 and the highest sold condo was $1,725,000. Very interesting numbers!
Currently, it takes 50 days to sell a residential home in Edmonton, Alberta which is no change compared to the previous month at 51 days.
Condominiums are selling near the same rate of the previous month at 58 days on average.
RE/MAX River City