Paul Blais Top Edmonton Realtor
Edmonton's September Real Estate Market
Posted on Oct 5th, 2011 by JenniferThe owners of single-family homes in Edmonton and area have seen the value of their property increase more than many other investments.
While the stock market and dollar have plunged recently and interest on savings accounts is minimal, local homeowners are seeing a 5% increase in the value of their residential property this year. Compared to prices on December 31, 2010, a single family dwelling has increased on average 5.1% and a condo has increased 4.7%.
The consumer confidence that has allowed housing prices to rise has also spurred sales. There were 1345 residential property sales in September, with listings of 2585 residential properties. The residential sales-to listing ratio was 52% with homes resting on market for an average of 56 days. Total MLS® listings numbered 3292 with total MLS® sales of 1536 properties of all types.
The average price for a single-family detached home in September was $375,738, up 1.4% from a month earlier. The average price of a condo was up 2.1% to $236,125 during the same period. Duplex and rowhouse sales of just 66 units in September showed an average price drop of 3.2% to $296,117.
"Movement of properties in the lower half of the price range is faster than the more expensive properties," continued Association President. "The consumer is price conscious and with 8,062 homes currently on the market, the buyer has lots of choice. Sellers should ensure that their home price is based on current market reality and not a fantasy if they want to sell in a reasonable time period."
