Edmonton Housing Market Update, August 2016

How's The Real Estate Market In Edmonton Right Now?

How's the real estate market here in Edmonton, Alberta? Who is taking advantage during this market? The market has yet to shift. We remain consistent with the amount of homes for sale and finding the same buying demand. Edmonton currently has 5.31 months of inventory of homes. That means if no new listings were listed for sale, it would take 5.3 months to sell all homes. 

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.

​It currently takes 52 days to sell a single family home on average. This is only a two day increase compared to this time in 2015. 

Condominiums are up by 4 days compared to last months statistics at 57 days to sell on average.

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.

If you're looking for a strategy to sell, buy or invest in Edmonton right now, I strongly suggest speaking with a REALTOR® for expert advise. Free free to call or text myself at 780-490-6730 and please visit my website engineered by RE/MAX to search for homes online. I think you enjoy how great it is to find and save homes for sale. 

Resources: ereb.com

---

Christian Bailey 
RE/MAX River City
780-490-6730

---