One can only say "What a strange market". Despite increased inventory and lower sales compared to last year, current prices of homes in Edmonton are slightly up. One can only assume that most of the sellers are not willing to reduce the prices on their listings, regardless of how long their homes have been on the market. Are the sellers playing a game of chicken with the buyers or simple can't afford to sell their properties for less that they bought them in the last few years. I guess we will see more clearly in the next few months.
The average price for a single family detached home in February of 2018 was $442,206 up by 3.14% from last month and up by 3.73% from February of 2017. The condo prices were up by 2.86% at 236,808 from $227,707 last month. Total of 1,052 residential properties have sold in the 2nd month of 2018, 18.07% more than in January and 5.65% less than in same period last year. The inventory increased to 6,797 residential properties available compared to 6,165 last months and 6,108 in October of 2016. Average Days-On-Market were down by 10 day at 65.
All the information in this article has been provided by Realtors® Association of Edmonton!
Brought to you by Edmonton real estate blog!
Blog Author: Derek Hulewicz, REALTOR® at RE/MAX Real Estate Edmonton phone: 780-220-4224
