February Market Report
Posted by Liv Real Estate on
A recent report shows there are a record number of unsold, completed new homes in the Edmonton area (7.5% above the previous record). This is due to a tough labour market, stagnant wages, higher mortgage rates and tougher federal mortgage rules, and all those factors are impacting the resale market as well.
My initial looks at the Edmonton real estate market in February shows single-family homes sales were down 1.4% from last February, and below average for this time of year - 499 homes were reported sold in February:
Condo sales were down 7% from last February and the lowest level we've seen in at least 10 years - 214 condos were reported sold in February:
The average price of single-family homes was down 3.6% to $419,174 and the median price was…
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As expected, the real estate market was slower than normal in December. 376 single-family homes were reported sold in December - down 19% from last December.
142 condos were reported sold in December - down 32% from last year.
The average price of single-family homes was down 4% from last December to $430,287 and the median price was down 0.7% to $377,750. The average price of condos was down 14% from last December to $204,349 and the median price was down 7% to $194,500.
The average price per square foot for single-family homes was down $4 to $276 and for condos was down $13 to $210 from last December.
Reported residential real estate sales in Edmonton were well below average in October, and significantly down from last year. With decreased demand and significantly higher than normal inventory, there is only one direction for prices to go. 539 single-family homes were reported sold in October, down 25% from the same month last year:
247 condos were reported sold in Edmonton in October, down 7% from last year to the lowest total we've seen in at least 10 years.
The average sale price for single-family homes was $434,123, down 1.6% from last year and the median price was down 3% to $373,900. The average sale price for condos was $218,349, down 10% from last year and the median price was down 13% to $200,000.
The average price per square foot for…
The REALTORS® Association of Edmonton released their monthly report on the Greater Edmonton Area real estate market this week saying:
"Average prices are remaining stable, however sales are slower than typical for this time of year,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “With increasing inventory and days on market, couple with decreasing sales, sellers will need to be patient and consider their homes’ competitive advantages to stand out in the current buyers’ market."
While average prices have remained reasonably stable, through the past four years of rising inventory and declining sales, benchmark prices tell a different story. The Benchmark price for all types of residential properties reached a peak in early 2015, and have…