There is great selection for buyers (8,421 properties for sale in greater Edmonton - around 6,000 is normally considered to be a balanced market), and sellers are still seeing values stay consistent. People often ask me if now is the right time to make a move with real estate. My advice is always the same: do what's right for you and your family. If your place is too small now, now's the time to make a move. So long as you have a little extra wiggle room in your budget for when (yep, not if - when!) interest rates increase, make sure your housing fits your needs first, as it is typically a long-term investment!
Have any questions? I'd love to help. Please call or e-mail me anytime - all my info is in the "Contact Me" tab of my site.
Have a lovely August!
Local Housing Market continues upward trend
Edmonton, August 3, 2011: According to the REALTORS® Association of Edmonton, the average price of housing increased through July as compared to the previous month. The all-residential average price increased 1.1% to $334,054; up from $330,298 in June. Single family home prices increased 1.3% while condo prices rose 4.3% during the month.
Residential sales in July were 1,441 up 3.6% compared to the same time last year. Residential listing activity dropped slightly in July to 3,038 units; down 210 units from June but up 193 units from the same time last year. The inventory of homes on the Multiple Listing Service® is quickly approaching par from last year at 8,421 properties available as of July 31.
“Our local housing market is quite healthy with affordable prices, a good inventory and strong sales,” said REALTORS® Association of Edmonton President Chris Mooney. “The selection of properties on the market for buyers is excellent. With employment opportunities popping up throughout the region and interest rates being very attractive, now is a good time to purchase a property in Edmonton.”
The average* price of a single family detached home in July was $384,656 with a median price of $360,000. Condo average price was $244,225 with a median of $223,000. Duplex and rowhouse prices rose on average from $296,969 to $309,816, a 4.3% increase.
“The increase in housing prices is on track with our January forecast and as we move into fall, we don’t see prices increasing substantially,” said Mooney.
The average days-on-market in July was 51 days: the same as in July 2010. The residential sales-to-listing ratio was 47% in July and total MLS® System sales were over $3.887 billion for the year so far.
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Highlights of MLS® System activity
|July 2011 activity||Record for
|% change from
|Total MLS® System sales this month||1,604||1.78%|
|Value of total MLS® System sales - month||$542 million||2.55%|
|Value of total MLS® System sales - year||$3.89 billion||-2.72%|
|Residential¹ sales this month||$481 million||4.84%|
|Residential average price||$334,054||1.14%|
|SFD² average selling price - month||$384,656||1.32%|
|SFD median³ selling price||$360,000||no change|
|Condo average selling price||$244,225||4.28%|
¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices
* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end. For information on a specific area, contact your local REALTOR®.