Things are looking a lot better than last year in a few real estate categories in Edmonton this month, with supply coming down, and demand coming up. Sales were up over last year, and sales tend to be a leading indicator for prices - when sales go down, prices inevitably follow and when sales go up, prices tend to rise as well, in time. The REALTORS® Association of Edmonton released their report on the Greater Edmonton area market today, saying:

 “As we head into the spring buying season with stable prices, coupled with increases in unit sales and seasonally-appropriate inventory levels, it seems like a positive sign for our market,” says James Mabey, REALTORS® Association of Edmonton Chair.

Here's our snapshot on the real estate market in the Greater Edmonton area, showing all the arrows pointing in the direction we've been hoping to see for a couple of years, except one - average price. The average price remained quite stable while inventory soared and sales slumped ever since oil prices tanked, so even if demand continues to rise, I don't expect to see prices follow suit for quite some time.

Greater Edmonton Area Stats

Sales were up 21% in the Greater Edmonton Area in February, compared to last year: The average price dropped 1% to $359,468 in February from a year earlier, and the median price rise 2.8% to $339,289: Inventory dropped 8.6% to 6,108 listings: There were 12% fewer new listings than last February (2431 new listings):

Edmonton Stats

Single-family home sales were up 21% over last February in Edmonton; 580 homes were reported sold in Edmonton in February. Condo sales were also up in February - 266 condos were reported sold, a 21% increase over last year. The average price of single-family homes was almost unchanged from last February (1% up) and almost equal to February 2015 at $421,386. The median price of single-family homes dropped 2.7% to $380,000 from last February. The average price of condos was down 6.5% from last February to $231,029 and the median price was down 2.9% to $217,000. The average price per square foot for single-family homes was down 2.5% from last February to $272 and the average price per square foot for condos was down 5.9% to $222.   Posted by Liv Real Estate on
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The first two months in the bag, and it looks exactly as expected- stable. There's still plenty of listings, and inventory is still quite high, but sales seem to be creeping up on a historical sales:new listings ratio. So long as oil prices remain above $45, we're through the worst of it. I am going to make a new prediction though: Spring is going to be busier than usual (but not crazy by any means) due to people trying to catch the final days of the lowest rates in history. Money will still be cheap, but the nearly-free is ending and there will be a recognition that now is the time to get in at cheap rates. Prices, however, will remain very flat due to high inventory, healthy listings, and continued weakness in Alberta's economy and consumer confidence.

Posted by Trev on Thursday, March 2nd, 2017 at 8:33pm

Worst investment since 2007-2008, considering inflation, taxes and maintenance.... Vancouver and Toronto rock...

Posted by Bubu on Friday, March 3rd, 2017 at 1:14am

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