Purrfect Properties Blog

Archive for November, 2015

Edmonton Real Estate Trends point to the Cool of the Season – November 2015

Tuesday, November 10th, 2015

Hi there Folks,

As we gather with our loved ones at Remembrance Day, Canadians are reminded of the sacrifices our courageous men and women made for the entire country and our people.  Our thoughts turn to protection of our fathers, brothers, sisters and mothers and we are reminded that life whispers to us to live it in freedom, to live with introspection and to protect those around us.  We are reminded of the months ahead, of the changes that are necessary to make now to get us safely through the winter without harm.  The grass crunches underfoot with the morning frost, the last of the leaves gently fall and we are reminded to source out our winter tires.  Just as the cool of the season keep dropping, so do the number of listings and we are left in a calm and stable market here in Edmonton.

If you, your friends or family are looking to buy or sell real estate, please keep me in mind.  Your referral is the best compliment I can receive.  Check out what is going on in the Edmonton Real Estate Market through the following indicators:

Inventory: October finished with less listings and we definitely had the room for less.  6,641 homes were for sale throughout our Greater Edmonton Market Area. 2,272 properties were newly listed for Sale in October of 2015, with 18.2% less new listings than the previous month.  There are 10.6% more homes listed for sale in Edmonton this year than last               

Total sales for October 2015: 1,199 or 18%.

Days on Market:  The average being 57 Days on Market, here in Edmonton, same dom’s as the previous month and up a few days from 51 dom’s the previous year. Compared to September, homes are selling 10% slower and 7.0% more slow than the previous year.

Odds of Selling: You have a less than 1 in 5 chance of selling your home in the next 30 days. Your chances of selling have decreased by 45.9% from last year and 16.8% less from last month.  Be careful with your offers, negotiations work best in these kind of markets.

Average Selling Price: Condo: $244,225 Townhouse: $359,130, Single Family Dwelling: $438,935 and the average selling price across the City of Edmonton is $371,756. The average cost for houses increased, while condo and Townhouses dropped by about $5,000.

Home sales by Price Range: The highest percentage of properties are and have the tendency in Edmonton to sell in the $300,000-$399,999 price range, and this month 34.01% of homes sold in this price range. Second position goes to the $400,000-$499,999 price range at 20.83%.  Third place is the $200,000-$299,999 and 20.02%. These haven’t changed very much from month to month as this works in with Edmonton average earnings per family.

54 Years average of price increase for the City of Edmonton is 6.99%.

Prices have not gone down in Edmonton since 2011, when we saw a decrease of 1.41%. Prices are up by 1.72% this year.

780 916 9739  … Now that’s the Cats’ Meow

 

Thanks for stopping by!