Prices Continue To Rise As Inventory Stabilizes
We are beginning to see the inventory in the Edmonton region stabilize with new listings down over 2% from last May. That being said, there are almost 30% more listings than last year and prices are continuing to rise for all residential properties.
The average days on market compared to last year is only slightly higher at 45. This number may continue to increase over the next few months due to slower sales and higher inventory. During the course of May 2015, residential sales began to pick up with 1,784 reported sales, a 12% increase from April that reached 1,597.
A major trend is that duplex/rowhouse homes continue to sell quicker with a an average 4% increase year over year. Year-to-date, residential sales are down 13%.
That being said, everyone is optimistic that the increased sales will continue as confidence in the stability of the market grows. Multiple offers are still occurring in “popular price brackets” and prices have not declined. This is very reassuring to Edmonton Home buyers.
According the stats from the Edmonton Real Estate board:
Despite a decline in all residential sales, the average sale price was $381,111 up 2.5% from May last year. Single family dwellings sold for an average of $451,312 (up 3% from last May), condos for $256,143 (up 2% y/y) and duplex/rowhouses were the only price drop at $345,659 (down 2% y/y).
“People are continuing to take advantage of low interest rates and a greater selection in the marketplace. We are moving into our busiest season for real estate.”
Ready to discuss your buying or selling needs – be sure to contact our team at Home Tribe!
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