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.
Check out some of the great Edmonton real estate stats from December 2013 in the infographic below.
Edmonton Real Estate Market Highlights
Some other highlights from the December 2013 Edmonton Real Estate stats:
- Average day on market was 53 days
- Prices of SFDs rose 4.4% from November to December
- Condo prices dropped 2.4% in December to $234,967
- Duplex/row home prices rocketed to 9.8% after a small increase the previous month
- 17,055 residential sales were reported in 2013 compared to just 15,812 in 2012
- 12 month, all residential price average in 2013 was $350,208 (2.95% increase from 2012)
- Year end inventory of only 3,049 properties (a drop of 1,000 from the previous month)
- Compared to 2012, SFD sales dropped from 64% to 61.5% of total sales while condo sales increased from 28% to 30%
- Median prices increased from $331,000 from $323,000 (2.48% increase)
2013 Year End Highlights
See the full market report for the Edmonton Real Estate market for December 2013 now.
Take Advantage of Low Mortgage Rates
According to Greg Steele, President of the Realtors Association of Edmonton, the report indicates that there has been a shortage in lower priced homes this past year which has encouraged value conscious buyers to think about condos. Newer home builders are doing their best to fill the needs of this group by ramping up development of single family homes and condos at lower prices.
Steele also recommends that buyers take advantage of low mortgage rates while the market conditions are still favourable. Of course, you should always be consulting your realtor about any advantages of a resale home or condo in the Edmonton real estate market.
Do you have any questions about buying a house inside the Edmonton real estate market? Don’t hesitate to leave a comment below.