Prime Edmonton Real Estate - The Realtors Association of Edmonton recently released the real estate sales statistics for the Edmonton area for the month of January, and as always there is some very interesting data to be found. Here's the down and dirty facts:
OVERALL RESIDENTIAL SALES: Listings down (-6%), Sales up (+12.75%), avg. sale price up (+7.6%)
SINGLE FAMILY HOMES: Listings down (-13.8%), Sales up (+11.8%), avg. sale price up (+1.75%)
CONDO SALES: Listings up (+4.3%), Sales down (-11.5%), avg. sales price up(+8.24%)
DUPLEX/ROWHOUSE SALES: Listings down (-9.6%), Sales up(+21.6%), avg. sale price up (+10%)
So what does this all mean?
One thing for sure is that the market continues to change at a very rapid pace. There have been a lot of factors over the last 31 days that have influenced the Edmonton real estate market, both locally and nationally. One factor to take into account with this information is the fact that in January CMHC stated that they would be raising the insurance premiums on a lot of their products, which me and turn have rushed a lot of wires who were thinking of buying the spring to buy much earlier in order to save money on their insurance premiums. If this is indeed the case, you will see a continued trend of up board sales numbers for February and into early March, before sales drop off again.
One of the biggest surprises in the market right now is the fact that single-family home listings are down a sub substantial amount. Whenever there is a decrease in inventory, there tends to be a stability or increase in sale price as the competition increases for these homes. It will be interesting to see through February and March what happens as the CMHC premiums change and the world finds out exactly what will be happening with such initiatives as the Keystone Pipeline and or alternative job creation strategies that will push the Edmonton economy and allow consumers to purchase with more confidence.
As always, these are general guidelines, and should never ever take the place of specific neighborhood-based statistics, to find out what this information means in your neighborhood, your best bet is to always contact me and get the most specific up-to-date sales and listing info so that you can make the best decision possible.