Edmonton's housing market has experienced an increase of average prices across all real estate categories. However, condos continue to have high competition between Sellers since there is more supply then then demand. Typically, this time of year the market is very active with buyers and those who like to sell. The good stuff sells quickly!
How's the Edmonton real estate right now? Is it good to sell or buy?
The market remains to be a "Buyer's Market" which means it favours those who are purchasing a home rather then those who are selling their house. The market condition is determine by the inventory of listings in April at 7,612 and the number of sales for the month at 1478. Currently it will take 5.15 months to sell all listings.This means it still favours Buyers. However, this number decreased from 7 months in the past winter. So Sellers are seeing the aggressively price homes are selling quickly! Those who are buying are still seeing lower prices and lots of options. Prices have increased but they are still lower then the market's peak in 2014. Get a free estimate on your house value, follow here.
How much did the average house prices increased?
All residential home values increased by .36% year over year and 1.64% month over month! This is typical for this time of year known as the "spring market". Single family detached homes are steady with little increase in price, However, condos have increase by 2.32% year over year and dramatically since last month at a 6.23% increase. Duplex and townhouses experienced a large increase in average price with a year or year increase by 4.97% and month over month at 2.58%.
How long does it take to sell your house on average?
Currently, in Edmonton's real estate market it takes the average home 55 days to sell for all residential listings. However, detached homes take 48 days down by 2 from 2016, duplex/townhouses 64 days up 3 days from 2016, and condos 60 days up by 1 day from 2016.
What's a REALTOR® opinion?
If you're looking to upgrade to a larger home you will sell at a better value now and you will still see discount prices when you buy. We are still in a down market compared to real estate in 2014/2015. First time home buyers should be entering the market since Canada's economy is projected to rise in 2018 which may increase jobs and thus increase real estate values. If buyers are looking for the best time to buy a home at the lowest pries of the year it would be in July-August. During this time there is more inventory statistically.