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CONDOS ACHIEVE BIG GAINS IN JUNE

The biggest gains in terms of price in real estate in June were condos. This, according to statistics from the REALTORS® Association of Edmonton.

The average sales price of a condominium in the Edmonton region rose by over 10 per cent in the month of June when compared to May, and nearly 9 per cent compared year-over-year with 2012. Overall, the average residential sales price rose by 1 per cent from May and over 4 per cent from the same time period one year ago.

As prices creep up in single family dwellings, buyers are finding it a challenge to find a home in their price range. Condos therefore, become an affordable alternative. The average price of a single family dwelling in June was $412,269, up from $402,840 this same time last year.

While condos also rose to an average price of $261,854 this year, compared to an average price of $240,822 this same time last year, condos still remain much more affordable than single family dwellings. Nevertheless, sales continue and the average days on the market of a single family dwelling before being sold was 43 days. Last June, the average was 46 days. For condos, the average days on the market in June, 2013 was 54 while in June, 2012, the average days on the market was 58.

Buyers unable to find the right home in terms of traditional housing should consider condos as an option. First-time buyers will find condos an excellent start to get into the real estate market.
If you are looking for your first home, or are thinking of selling your present home, the advice of a REALTOR® is always your best choice. There are options if you think you may not be able to buy a home. But there is.

Visit my website www.valeriemcconville.com to contact me and learn more.

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