This is going to be a very busy season in real estate, according to the latest real estate market report by the REALTORS® Association of Edmonton. While sales are down slightly, the average sale price has actually gone up; reflecting the consistency of the market over the last few years. A factor to the decrease in sales right now is also due to setbacks in the oil industry. Homeowners may be having difficulty dropping their asking price in an attempt to avert loss, and often will take a home off the market instead of selling lower.
But home sellers can rest assured that while this may be a buyers' market right now, home prices are higher—so holding out for your ideal price and not decreasing the sale price can still work in your favour. In fact, the average price of single family homes hit a record high at $451,043.
Home Market Highlights In May:
- Average home sale: $451,312
- Average condo sale: $256,143
- Residential sales in May: 1,784
- Residential inventory at the end of May: 7,303
- Total Value of residential sales in May: $770 million
Looking Forward At Homes Sales In Edmonton
While April saw a 13% decrease of residential sales year-over-year, May only saw 10% decrease, and as the housing market heats up this season will will likely continue to see a smaller gap in sales. People are always more interested in moving when there isn't piles of snow on the ground, and currently that increased sale price is up 2.5% since May of last year, suggesting that sellers are able to maintain their prices despite lower overall home market sales. As the city pushes to redevelop the city's downtown into a vibrant core, and includes the 62-storey Stantec building, real estate prices will likely continue to stay up despite our sluggish oil rates.
Edmonton is a top city to buy real estate in, based on our economic strength, momentum, value and rental income potential according to MoneySense. And as residents we all know that this is one of the best places to live in Canada; with the bountiful sunshine, festivals, idyllic family neighbourhoods, and bustling arts and culture scene.