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.
“Average prices in February were higher than the year-long average price for last year,” commented Doug Singleton, president of the REALTORS® Association of Edmonton. “Buyers seem to have confidence and REALTOR® offices are reporting solid traffic. This is lifting prices up and they are already higher than at the same time in the past two years.”
Other key statistics from February also point to “confident buyers”:
- The average single family detached home rose 3.1% from January, to $375,268.
- The average condo rose a whopping 8.5% from January, to $234,973.
- The average duplex and rowhouse rose 1.4% from January, to $306,491.
- On a year-over-year basis, prices rose across all categories.
- The average days-on-market in February was 54 – down from 65 in January.
“Nationally the housing still appears to be soft,” added Singleton. “But the local market is much more robust.”
My experience in February is consistent with these trends – housing prices in Edmonton are indeed going up. But is that good news or bad news?
The honest answer to that is: it can be either. It depends your situation, your plan, and your options.
If you’re selling, then it’s a great time to list – because even though housing prices are rising, interest rates are also rising as well (with the big banks already raising their rates a few weeks ago). So this is an ideal “window” to get a premium price and attract the most number of offers.
If you’re buying, then it’s really time to get going – because there are two forces that are eating away at your buying power: rising housing prices, and rising interest rates. So the sooner you can get into the market and focus on a house that fits your needs and budget, the better. You don’t want to be left on the sidelines – especially if you’re a renter. With property taxes on the way up (as they always are!), your landlord is most certainly going to pass these increases on to you. Why pay your landlord’s property taxes when you can pay your own?
My job is to help you make sense of these statistics, so that you can make the numbers “work for you.” Contact me today at (780) 709-0811 with your questions. Remember, I’m here to help!