Prime Edmonton Real Estate - The Realtors Association of Edmonton (RAE) recently released the Edmonton real estate sales report for the month of February. This data from the report shows that Edmonton home buyers paid about the same for a home this February compared to last February, but condo and duplex buyers paid more than February of 2014. There are many theories about why this is occurring, with the most obvious reason being the recent change in oil prices and the Alberta Government's change in tone when discussing the economy. Perception is everything, and right now the perception is that Alberta might not be the economic powerhouse that it was 12 months ago. However, with oil prices stabilizing and even rising slightly, it appears that the numbers will reinvigorate the economy once more after a short rest period.
Here are some more of the highlights from this month's Edmonton home sales statistics:
- There were 931 residential sales in the month of February for a total of more than $337 million.
- The average overall residential sale price in February was 362,432.
- Single Family homes sold in February for an average price of 430,770( less than .5% of a change) , while the average condominium price sold for $250,088(an increase in price of 4.9%) and the average duplex/rowhouse sold for $347,922 (an increase of 2.9%).
- There were 2403 new residential listings in Edmonton in February, a whopping 26% increase from last year at this time.
- There were 4 sales of homes priced more than $1 million dollars while on the other end of the price scale, there were 11 homes sold for less than $100000.
- The price range that had the largest number of sales in February was between $325000 and $350000, with over 90 sales.
As I have mentioned in blog posts about statistics and real estate before, it is important that if you are interested in getting into the Edmonton real estate market, that you take these stats as only one part of a comprehensive plan to figure out if now is the right time to buy or sell. Please contact me today if you want more information on Edmonton real estate listings , Edmonton real estate sales in your area, or any other questions you may have!