As reported by the Realtors Association of Edmonton, housing prices in January followed a “business as usual” pattern for this time of year: slightly lower prices than December, and about the same volume.
“We are predicting a slow but steady growth pattern for the market in 2012 and, as usual, this year started off slowly but is already showing signs of strength as we roll into spring,” commented Doug Singleton, President of the REALTORS® Association of Edmonton. “Listing and sales activity is up markedly as compared to a year ago. Listings in January as compared to December are up over 126%.”
In terms of specific numbers for January:
- The average price of a single family detached (SFD) home dropped 1.1% from the previous month to $362,926, but rose year-over-year by nearly $9000.
- The average price of a condo was $215,407, down 4.9% from the previous month, and down nearly $9000 from the same period a year ago.
- Duplex and rowhouse properties sold on average for $304,590 – a hefty 8.3% boost from the previous month, and nearly 3% higher year-over-year.
- The average residential price (including all SFD, condo, duplex and townhouse properties sold in the Greater Edmonton Area) was $318,034: up 0.7% from December and up 2.6% from last January.
- The sales-to-listing ratio was 36%.
- There were 2,441 residential properties listed and 881 sold – up just over 7% from the same period a year ago
- Average days-on-market was 65 – no change from the previous month
“Interest rates remain at a historic low point and are not expected to rise this year. Combined with an expected increase in listing activity, the low interest rates make this a great time to enter the real estate market,” added Singleton. “Buyers have increased choice and there is a massive amount of information in the real estate market. REALTORS® are uniquely qualified to sort through the data and help buyers and sellers to make informed decisions that support their hopes and dreams. REALTORS® are here when life happens.”
With years of experience helping Edmonton buyers and sellers just like you, my job is to help you make sense of these statistics so that you can achieve the best possible results with the least amount of hassle, stress and worry. Contact me today at (780) 709-0811 with your questions. Remember, I’m here to help!