Market Analysis: Consumer confidence in Edmonton strong, as unit sales increase!

Once again, we’re seeing seasonal market improvements in areas, and a very slight drop year to year. First, with single family detached homes, sales were up 19.3% from April, AND up 3.8% year over year, with just over 1100 selling in May. Condo sales were up 5.3% month to month, showing seasonal gains, but were down 18.2% year to year. In total, there were 1771 sales in the Edmonton CMA, which is up 18% from April and down less than 1% year to year. 

“Consumer confidence amongst home buyers in Edmonton and surrounding areas remains strong and is reflected by increased unit sales in the single family detached and duplex/rowhouse categories,” REALTORS® Association of Edmonton Chair Steve Sedgwick said. “Relative to other markets in Alberta, Edmonton’s resale housing market is solid.” 

In total, the amount of available listings has been reduced, going down 1% relative to last month and 2.5% compared to last year, with 3233 new properties up for sale in May. The average SFDH in Edmonton sat at $440,573 in May, which is down about 3% compared to the average selling price of $453, 748 in 2015. The condo average has stayed flat. 

“While new listings coming onto the market were down this May compared to 2015, inventory continues to remain strong with more than 8,000 residential properties on the market at month’s end,” Sedgwick said. “The fact that we haven’t seen a significant decline in prices is giving buyers more assurance. They are making purchases based on market stability and good selection.”  

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My wife and I contacted Chris and Patti to help us find a new home. We gave them some basic information like our price range and the neighborhoods we were interested in and they got back to us with several homes that met our criteria and also recommended some reputable builders. After reviewing the homes and builders they helped setup a meeting with the builder we were most interested in. Buying a new home can sometimes be overwhelming but they made sure to explain things step by step and really took the pressure off, they also dealt with the builders on our behalf in regards to pricing / contract / lawyers / upgrades. It was nice to have that experience with us while we were going over the details and finalizing things with the builders. There were things we would have never thought about that Patti and Chris had brought to our attention and it was nice to have someone looking out for our best interests. We are extremely happy with the purchase of our new home and it actually looks like choosing the furniture is going to be more difficult than it was choosing the house. I've also recently refereed my sister to Proctor Team Real Estate to help her find a Condo. Thanks again guys.

- Sean Lucas

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