New records were set again as the Realtors Association of Edmonton released the Edmonton Home Selling statistics for September 2014. The RAE is the local authority and regulating body for real estate in Edmonton and area and produces a monthly statistical snapshot to help the public keep informed with what is going on in the Edmonton real estate market.
September 2014 turned out to be another strong month for both overall sales and average sales. Did you know that last month alone over $421 million in Edmonton and area real estate was sold? This is truly an astounding amount, and an increase of over 14%. And this amount is for single family home sales only!
The average Edmonton home sale also rose in September. Single family homes were sold on average for just over $435500. This is an increase of 7% over September of 2013. That means the average home increased in price $28000 in just 12 months. There was no change in the average sale price of a single family home from last month (August) to this month (September).
Here are some more interesting statistics: In September there were 17 homes sold for over $1 million dollars, and 26 homes sold that cost between $750000 and $1 million. The highest number of sales were for homes between $400000 and $425000 , as there were 111 sales in that price range. At the other end of the price range, there was only 1 single family property sold for less than $100000. Somebody got a deal on that one!
These types of increases have pushed sales in record breaking territory, which is great if you are a seller looking to downsize, but difficult to buy a 'deal if you looking to increase your home size or just starting out in the real estate market.
For those who are getting discouraged about the rising home prices, please remember that there are lots of other ways to save money when buying a home rather than negotiating a low sale price. Having a mortgage with low interest rates and easy extra payment options will save you far more money in the long run than saving a few dollars on the sale price.
So what happens from here with the market? Traditionally the Edmonton real estate market cools off as the weather cools. Less buyers and less sellers equals less activity and a small dip (if any) in prices. However, with the economy continuing to be the benchmark for all across Canada, and oil and gas prices only going up, the price of homes may not cool off for awhile.
Please remember that these statistics are a general guideline; you should talk to me as a real estate professional and Realtor to see how it affects you as a home buyer or home seller.
This statistical information is vital to know if you are thinking of getting involved in Edmonton home selling, because the more you know the more you'll make!