I’ve
written
a few times about Edmonton (and Alberta’s) growing housing market, so this
latest news may seem as a shock – but really, it’s nothing to worry about and,
on the contrary, quite predictable.
So what’s this latest news? Well, it’s the one that points out that in December, Edmonton’s housing market dipped in a couple of ways. First, average home prices fell to $308,496, or about $10,000 vs. November. Second, the total number of homes sold also fell from 1,120 in November to 784.
Now, at first glance this news may seem shocking and scary. But when you recall that we’re talking December in Edmonton here, you can see that the dip is normal for this time of year. Not only were many folks preoccupied with holiday tasks, but there were fewer folks chose to brave the chilly winds, snow and ice to see potential homes.
In
light of that, I expect sales to begin rebounding in January/February, as
“house hunting” returns to the top of the agenda for many would-be buyers;
including those who paused their search in November, and are ready to move
ahead with their plans. And considering that Edmonton’s economy is heating up and increased job growth
targets, there’s every reason to believe that the spring will be very good for Edmonton’s real estate market.
If you’re selling your Edmonton home then you may worry that you’ll get “clipped” by this dip in prices – but, again, this is seasonal, and for that matter, we’re talking average prices here. Not every neighbourhood, or even every home in a particular neighbourhood, experienced a $10,000 value drop in December vs. November. There are many factors that go into a home’s selling price, including how it’s staged and marketed. Keep this in mind if you’re thinking of selling a home during the winter. If you have the right plan and target high quality buyers, then you’ll be safe and secure.
If you’re buying an Edmonton home, then now is the right time to create a buying plan and put it into high gear. With a heating-up economy and the spring thaw just around the corner, you want to get ahead of the crowd and target homes that fit your needs, lifestyle and budget.
If you’re Selling or Buying, I can Help!
Trying to make sense of trends and statistics is helpful, but it’s only part of the story. The real factor that will determine whether your buying or selling experience is successful is your REAL ESTATE PLAN. It needs to be customized to fit your needs, and use a variety of proven strategies and tactics to help you achieve your goals.
Call me today, and we’ll get started on creating your unique real estate plan – one that moves you smartly towards your selling or buying goals. I’ll help you make sense of the statistics and trends, and ensure that you’re ahead of the curve – and positioned to succeed. Call me at 780-709-0811, I’m here to help!
Posted by Chris Proctor on
How do you think that the newly announced mortgage changes are going to affect the Edmonton real estate market? I've heard talk of it increasing home sales for the next 60 days before the changes go into action.. but about after that, do you think that sales will be suppressed in the long run?
Posted by Lisa on Monday, January 17th, 2011 at 11:19amLeave A Comment