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MARKET STABILITY EVIDENT IN MID-YEAR HOUSING REVIEW

In the first six months of the year, housing prices in the Edmonton Census Metropolitan Area (CMA) showed slow, steady increases. According to the REALTORS® Association of Edmonton, the all-residential average price was up 5.6% from the average price on December 31, 2012. Compared to June 2012, the current average price is up 4.2%.

According to the REALTORS® Association of Edmonton, the economy in Edmonton and surrouding areas have been relatively positive. Although housing inventory has increased slightly in the past two years, it is still lower than it was in June, 2012. This has resulted in housing prices increasing slowly but steadily. 

The average all-residential price for the Edmonton CMA in June was $359,631. This was up 0.8% from May 2013. The average price of a single family property in June was $412,269, up 2.3% from last June when the price was $402,840. Condominium prices followed a similar path with June prices at $261,854 compared to a year ago at $240,822.

For buyers wanting to purchase a home, careful consideration before making an offer has been the key. And when buyers make an offer, there has sometimes been multiple offers on the same property. For sellers, this can be an advantage in terms of getting close to the price they are seeking. The down side of this activity has been a limit on the number of sales. 

Single family dwellings have increased 2.3% over last year and condominium sales also increased 8.73% over last year as well. Overall though, the real estate market here in Alberta compared to other Provinces in Canada is still relatively competitive. There are homes available in a wide range of prices. It just requires a little work to find the right home at the right price. 

If you are a first time buyer looking to purchase your first home or a seasoned home owner wanting to upgrade, down size or are just looking for an investment property, visit my website at www.valeriemcconville.com or call me at (780) 700-8638 today to see how I can help you find the home that is right for you. 

I look forward to speaking with you soon!


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