Purrfect Properties Blog

Edmonton Real Estate Market Report – Spring 2014

The REALTORS® Association of Edmonton, released their first quarter report on April 2nd 2014, the report points towards a very busy spring quarter for the Edmonton real estate market. Sales of all types of residential properties saw growth of 5.8% in the first quarter of 2014 versus the first quarter of 2013. Single family detached sales saw an increase of 5.1%, but the most staggering increase was seen in condo sales with an increase of 11% in the first quarter of 2014. The overall inventory for residential properties was about the only figure on the report to show any negative growth when compared to last year. So what does this all mean for you the consumer? With higher sales and lower month end inventory levels compared to last year we should expect to see an increase in the movements of homes in good neighbourhoods that are priced appropriately. As a seller this is good news, however if you’re a first time home buyer in this market you might have to extend you search area or spend a bit more time looking for that purrfect property. The overall month to month sales prices haven’t seen much change and do seem to be remaining stable, keeping Edmonton’s hot real estate market still in the grasp of most buyers. With most analyst expecting the Bank of Canada lending rates to stay relatively stable well into 2015, this may be just the time you’re looking for to get into the Edmonton real estate market, or maybe its time to upgrade your current house for something that will continue to fit your needs into the future.

And That’s The Cats’ Meow

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