Edmonton Real Estate Market Update For December 2013
Posted by Chris Proctor on
Hopefully you had a great holiday and New Year. It looks like there is more good news for the Edmonton real estate market and surrounding areas as the Realtors Association of Edmonton has reported that in December 2013, sales of all residential MLS® property types are up almost 8% from last year. Very impressive!
Compared to the previous year’s 6.2% increase, we are seeing some great progress with signs of a very robust local housing market.
A strong labour force combined with declining mortgage rates and price stability drove higher sales for the Edmonton real estate market in 2013. Value-focused and first time buyers have been gravitating towards the condo market or into slightly higher priced homes due to a shortage of low-priced homes. Â
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It looks like the year is off to a great start with a ton of great events in Edmonton coming up and a concert lineup so good that the Edmonton Journal even commented on how the city is becoming a preferred destination for major artists.
According to the latest market report from REALTORS® Association of Edmonton, the average selling price of a home in Edmonton climbed 2.2% to $335,187 in the first three months of this year, compared to $328,094 during the first three months of 2011.
As reported by the REALTORS® Association of Edmonton, Edmonton housing prices in February rose somewhat significantly in February compared to the previous month, and even higher when compared to the same period last year. Specifically, February sales rose 3.7% vs. January and 5.7% vs. February/11, with the all-residential average at a rather lofty $329,911.
