How's the real estate housing market right now? This is the most common question in real estate in Edmonton, Alberta. Right now, the housing market always tends to cool down in July and August since this is the most statistical time for summer vacations. However, the average sold price for all residential homes is almost identical to last year. This is a good sign to show our market could be stabilizing and beginning a recovery into the next year for great improvements.
Avg. Selling Prices & Sales Volume
The average sold price for all residential homes in 2017 is $383,624 which is an increase in home values by .11% compared to 2016 as shown on the chart. Single family homes have an average sold price of $446,982 (-.44%) , condominiums $261,861 (+2.18%), duplexes $343,883 (-2.48%).
How Long Does It Take To Sell?
If you were to sell your home right now it would take you 53 days to sell on average when you look at all residential listings. This includes condos, single family, detached, duplex and town homes. Year-over-year, homes sell 3 days faster today. Here's the break down for average days to sell for each demographic; single family 48 days, condos 60 days, and duplex 55 days to sell. View the chart above to see how this compares since 2013.
Who's Taking Advantage Of Today's Market?
There are a select few that are taking advantage of the market right now.
For those who are buying, the home values are lower then the peak in the market in 2014. This means lower prices and much more options to choose from. Buyer's have the advantage to wait and choose the best homes compared to 2014 where you had to act fast and pay a premium due to the large demand.
Investors find this market to be great for buying in mature neighbourhoods and infilling lot to build a duplexes or luxury homes. In this type of economy you get better rates for construction from due to the lack of work throughout the city. We see many cranes and developments all over Edmonton. Although renting in Edmonton right now is tough for landlords, the vacancy rate is close to 8% compared to 2% in 2014. This makes it harder to rent apartments and suites but the long term strategy will pay off when the oil industry picks up again.
Seller's are taking advantage if selling a single family home in certain areas. All mature and desirable areas in Edmonton are selling very well. St. Albert and Sherwood Park are seeing the same results. Sellers are experiencing a balance market in these areas. The demand is sometimes equal or greater then the amount of inventory. This creates more opportunity for higher sold prices and less days to sell.
When Is Best Time To Sell Right Now?
Typically, the spring market is the best time of the year which is April to May. The second best is the fall market! The fall market is a good time since July and August are popular for vacation. The fall season starts in the middle of September once everyone is back from vacation and the kids are in school. This period lasts until the middle of November where we see the real estate market cool down for the holidays. This is also the fun beginning of winter. My advice as a licensed REALTOR®, if you plan to sell in August wait for September and you will see more attention by buyers and you have a more statistical chance of selling.
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