Not too much is out of the ordinary for the Edmonton real estate market update for January 2014. With a 10% increase in sales from the previous month, it seems that we are breaking the post-Christmas sales slump tradition.
Price stability and more property available for sale this month has resulted in a more balanced market with buyers and sellers being given more time to consider all of their options for housing needs. The average days on market dropped nearly two weeks to 61 days (down from 73), which is even more impressive when you consider the fact that there have already been four property sales over $1 million this year already.
Check out some of the highlights from the Edmonton real estate stats for January 2014 in the infographic below.
Edmonton Real Estate Market Highlights
Low unemployment is a great sign of a strong economy and we are seeing more consumer confidence when looking towards their financial future. These are among a few of the indicators that suggest the Edmonton real estate market is looking stable giving the confidence to those looking to make the jump to a first-time buyer or an upgrade purchase.
Some other highlights from the January 2014 Edmonton Real Estate stats:
- Sales rose 10% from last month
- Condominium average selling price rose 6.70% from last year
- Average selling price of single family homes is up 4.60% from last year
- Total MLS system sales are up 14.70% this month
See the full market report for the Edmonton Real Estate market for January 2014 now.
Edmonton’s Luxury Housing Market Up 81% Since 2009
Despite slight declines this month, Edmonton’s luxury housing market is seeing a boom right now with an increase of 81% in sales since 2009. The consistent increase over the past five years would suggest it’s a bit more than a passing fad.
Low interest rates, equity gains in both the Canadian and US housing markets and overall improvement of economic conditions have all contributed to the rise. When compared with other popular major Canadian cities, the entry point for the luxury market in Edmonton is significantly lower ($750,000) than places like Vancouver where $4.89 million will famously get you 3300 square foot home that is ready to be torn down.
Do you have any questions about buying a house inside the Edmonton real estate market? Don’t hesitate to leave a comment below.