Purrfect Properties Blog

Edmonton Sees Strong Results from a Sturdy and Stable Market

Merry Christmas, Happy Holidays and soon, a Happy New Year to You All.

What a year this has been.

Rewind your mind to a year ago; Alberta has changed so much and yet stayed the same.  The NDP’s, the Liberals, the tax changes, new mortgage rules, property tax increases and changes in municipal, provincial and federal expenditures.  Edmonton has seen a lot of changes this year and so have its’ residents.  The overall feeling shows movement.  This was the year of listings.  All year, we’ve talked about more homes being on the market than we are used to.  Almost double in fact.  Last December (2014) we had 3,059 listings for sale.  Right now, there are 6,043.  People want to move, they want to change, perhaps they want to spread their wings and their horizons just a wee bit more.

Last November (2014) a total of 1,236 homes sold in the Edmonton area.  This November 1,104 sold.  Not that much of a difference.  Modest gains overall at 1.59% for the year, but they are gains during a time when not every City in Alberta can say the same.

Last November (2014) a total of 1,416 new listings came on the market, this year 1,914 new listings arrived.  Compared to last year there are 35% more new listings, and I predict new listings are going to keep high in numbers all through 2016.

Average Days on Market – 59, down 8.5% from last year

Odds of Selling – 1,104 out of 6,043 listed, down 41.95% from last year

Average Selling Price:

Condo: $253,618

Townhouse: $339,454

Single Family Dwelling: $432,82 and the

Average selling price in the City of Edmonton is $369,559

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 year 34.01% of homes have sold in this price range. Second position goes to the $400,000-$499,999 price range at 20.70%.  Third place is the $200,000-$299,999 and 20.18%. 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 6.98%.

Prices have not gone down in Edmonton since 2011, when we saw a decrease of 1.40%. Prices are up by 1.59% this year.

Talk to a professional today, and get help with your move.

Cheers,  Jeanine

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