As your trusted Edmonton Mortgage professional, I make it my duty to ensure that I am up-to-date on the latest housing market statistics for the city and its surrounding areas.
If you’re considering getting into the real estate market in Edmonton, now may be a good time to do so!
In the Edmonton Census Metro Area (CMA), residential sales last month experienced a 25.7% jump month-over-month but a 2.8% decrease from May 2016.
According to the Chair of the REALTORS Association of Edmonton, we are currently in the busiest season of real estate and a rising number of people selling their homes are getting into the market to sell before the peak summer months. This brings a great selection of properties for buyers to choose from.
Per an article from the Edmonton Sun, the growing numbers of supply combined with the drop in demand means the market is leaning towards being a buyer’s market when it comes to new homes. When there is more supply on the market, prices tend to be driven down.
Inventory in May 2017 was up 4.3% compared to May 2016 while the number of new listings rose 15% over the same period.
The average price for a single-family home in Edmonton was $440,907 last month, up a mere 0.26% from May 2016. The average sale price for a condominium in the area was $250,818 in May 2017 and duplexes/rowhouses sold for $344,406 on average. These were decreases of 0.67% and 1.52%, respectively, year-over-year.
The average number of days that a detached home spent on the market in Edmonton in May 2017 was 48 days, three fewer than what it was in May 2016. The average number of days increased minimally for condos and duplexes/rowhouses year-over-year by two days.
Overall, the total sales volume for homes in May 2017 was $789 million, a 5.3% drop from May 2016. Over the first five months of the year, however, $3.2 billion worth of homes have been sold this year, which is 3.3% more than the first five months of 2016.
If you’re considering entering the local real estate market, consulting a licensed Edmonton Mortgage professional such as Eva can provide you with many benefits. For more information or to learn how she can help give you an advantage, contact her today!