Real Estate Sales Increase In All Categories For March 2018:
The Edmonton Metropolitan Area (CMA) has released its March 2018 numbers and there have been sales increases reported in every category. The following increases in real estate properties were reported over the same numbers found in month-over-month sales.
The following are the increases that each category of housing saw month over month:
Single Family Homes Increase: 24.18%
Condominium Sales Increases: 16.9%
Duplex/Rowhouse Increases: 22.81%
Year Over Year Sales Are Down From 2017:
The year over year sales are reported to be down however from the same point in 2017. The following are the numbers by which housing sales have decreased in Edmonton from 2017 to 2018:
Single Family Home Sales Decrease: 11.32%
Condominium Sales Decreased: 14.82%
Duplex/Row Home Sales Decreased: 3.45%
Overall Property Sales Decreased: 11.73%
How Long Homes Are On the Market:Single-family homes spent approximately 49 days on the market in March of 2017 and this year they have spent about 51 days on the market as of March 2018.
Condominiums spent an average of about 67 days on the market as of March 2017. As of March 2018, the average condo is on the market for 72 days before selling.
Average Home Values Going Into 2018:
The average single-family home is running for a median price of $441,091 as of March 2018, which is an increase of about 0.43% over the value the home would have held as of February 2018 and about 1.06% over the same time in March of 2017.
As of March 2018, condominium prices have decreased by 1.10% just since the month before in February 2018. Moreover, the average condominium has lost a total of 3.47% of its value relative to last year this time.
Duplexes and row homes have seen their values dip by 1.44% since February 2018. Their total value has increased by 0.53% since March of 2017.
The average median price of all residences in Edmonton is running at about $374,264 which is down only by 0.03% since February 2017 and are up about 0.77% from 2017.
Real Estate Market Said To Be “Stable” In Edmonton:
While there has been a drop in real estate sales as of the beginning of 2018, but home prices are only predicted to fall slightly throughout 2018 at the rate of about 1.5% over the course of the year. While the housing market in Edmonton is not by any means considered “volatile” the slight drop in sales and prices is due to the economy in the area having been stabilized, but yet there have not been significant increases in resident income or in unemployment numbers in the recent months, so the housing market has remained relatively stagnant.
Many more residents have also been in the city at least several years and have settled into homes. This means that fewer people are looking for new residences at the moment that would traditionally be looking at other times.
Sales for all of 2018 are expected to pick up as the year moves on and should be close to similar levels that were found in 2017.
Other Canadian Cities Have Home Prices Increasing More Rapidly:
There are other Canadian cities that have stronger housing markets right now than Edmonton. For example, owning a home in Toronto is a great payoff at the moment as the average home is set to increase in price by 6.8% in 2018. Another great place to be investing in real estate in Vancouver is seeing their home values rise by 5.2% in 2018.
Edmonton Is A Buyers’ Market:
Edmonton is a buyer’s market right now with fairly stable home prices and fewer people looking to buy. There is a great selection of homes on the market in Edmonton at the moment and the prices are affordable and reasonable, whereas prices in many other Canadian cities are rising much faster than they are in Edmonton.
Especially for those who are willing to negotiate, 2018 is looking to be a great time to buy a home in Edmonton.
If you’re an agent or homebuyer in the Edmonton market and are in need of home inspection services, we’d love to help you!
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