Purrfect Properties Blog

People Actually Reduced Time on Market at the Turn of Spring.

Hi Folks,

Can you see it?  Spring is just around the corner and so is the Home Buying and Selling Hot Season.   I have friends across this great Province of ours; and throughout Alberta locations are experiencing different results after the plunge in Oil and Gas stocks.  Often, I can be overheard telling folks that the Edmonton region wasn’t hit hard like some of our other Oil and Gas cities.  So for my Edmonton peeps and those that are trying to get here from other cities, everything is fine, our market is fine, prices haven’t tanked, we aren’t headed for disaster and the downturn has barely even showed up in the stats we look at.  Here’s a good fact for you to help make up your own decision on todays’ market: The City of Edmonton average SOLD price, Family Home average sold price as well as Condos both apartment and townhouse styled all went up in price, while days on market went down.  Sounds like a spring fling to me.

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.

And now the stats:

Last February (2015) we had 2,407 new listings come up for sale and a total of 5,008 properties for sale.  February of 2016 ended with a total of 6,681 properties for sale in the Greater Edmonton area.  2,765 New listings came fresh to market this year.  This is the strongest buyers market that I have seen in a few years and is continuing last years trend, at 7.98 months of inventory. Last month was topping the Buyer charts at 8.03 months of inventory, almost long enough to have a baby! lol

Last February (2015) a total of 1,026 homes sold in the Edmonton area.  This February 813 sold.  About the same number of sales.

Average Days on Market – 57, down 15.8% from last year, up 24.6% from last month

Odds of Selling – 837 out of 6,6681 listed, down 38.64% from last year, up 2.78% from last month

Average Selling Price:

     Condo Apartment: $247,090, up 8.8% from last month and down 1.3% from last year.

     Condo Townhouse: $354,386, up 1.2% from last year and 8.7% more than last month.

     Single Family Dwelling: $419,940, down 2.8% from last year and up 0.9% from last month and the

     Average selling price in the City of Edmonton is $363,266, down 0.3% from last year and up 6.86% from last month.

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 33.42% of homes have sold in this price range. Second position goes to the $400,000-$499,999 price range at 19.90%.  Third place is the $200,000-$299,999 and 22.82%. These haven’t changed very much from month to month as this works in with Edmonton average earnings per family.

53 Years average of price increase for the City of Edmonton is 6.98%.

Prices have gone down for this year by 5.25%, statistically speaking, much of the average price ‘decrease’ would be due to the fact that we haven’t seent he sales from the full spring market enter into the stats.  Give it a few months and I predict we will see the same prices as last year, with a small exception in the high end luxury market in Edmonton

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To download your full copy of this report – click here.

Cheers and chat soon,  Jeanine

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