Prime Edmonton Real Estate - Today the Realtors Association of Edmonton released the home sales numbers for April 2016, and there are many surprising numbers within that. For those in the market who thought that the sky was falling, think again!
What isn't a surprise is that the overall number of sales are down about 11% over April of 2015. These decreases are fairly spread out over single family home sales, duplex/rowhouse sales, and condominium sales.
Now here's where it gets interesting.
The average residential property sold in Edmonton and area in April of 2016 actually went up over this time last year. Now, this is an extremely small amount, equalling less than .05%, but the facts support the reality that Edmonton's housing market prices have not decreased dramatically....yet.
The single family home sales in Edmonton have increased slightly from last year from an average sale price of $436124 last April to $439982 this year, representing an increase in average sale price of about 0.9%.
The duplex and row housing sales in Edmonton have dropped to $339225 in April, which is a significant drop from the average price of $356158 last April. This equates to a decrease in the average sale price of just under 5%. This is where Edmontonians are seeing the best value on the purchase side year over year.
The condominium market has stabilizing a bit as well in April, with the average sale price of a unit in the city and surrounding areas at just under $251000. This is a small decrease of about .5% from last year at this time.
The interesting part anecdotally I can share with you that I see happening is the tightening of the acreage market in the outlying areas, especially in the under $500000 price range. The inventory appears to be thinning out as buyers are looking to possibly getting away from the big city while not as many are looking to sell.
All in all, these figures are somewhat of a surprise given all that is reported on the news. As always, make sure that you take these home sales stats as a snapshot as to what is going on in the marketplace, not a personalized indicator of your situation. A great set of sales statistics and a great Realtor can make a great purchase or sale!