Edmonton Real Estate Market Snapshot

December 2016 & 2017 Forecast

Edmonton is the festival city with a beautiful backdrop of the river valley. How are the Edmonton home prices doing this Fall/Winter as compared to 2016? Here’s a glimpse….

EDMONTON:

  • Monthly Sales are up 0.42% year-over-year
  • New Inventory is down 16.51% year-over-year
  • Total Inventory is up 2.40% year-over-year
  • Supply of Inventory is roughly 7.27 months, meaning it’s still a buyers market. Sellers will need to ensure their properties are staged well and priced more attractively then their competition in order to SELL.
  • Average days on market is up to 69 days over 2015 with 62 days
  • Single Family average sale prices are down 0.86% year-over-year at $420,962
  • Condominium average sale prices are down 0.53% year-over-year at $247,647
  • Duplex & Rowhouse average sale prices are down 5.22% year-over-year at $228,000

According to the Realtors Association of Edmonton’s annual housing forecast, Chairman James Mabey predicts that the sales of residential homes will continue to remain relatively stable for 2017.

Single family homes performed well in 2016 and are only expected to have a small decline until the middle of 2017 ending approximately 1.7% under the 2016 numbers. Prices of single family homes will also see a slight decrease of around 2.2%. With inventory remaining higher than years before, $350,000-$450,000 single family homes will have the most continued strength in this category.

Condominium sales saw both a drop in unit sales and in prices in 2016. A slight increase and stabilization are expected by only a small margin – approximately 0.2%. Inventory will continue to increase 1.1%, with average sale price dropping by 3.8%

Alternatives to single family homes such as duplex’s and rowhouses continue to gain popularity, especially for first-time home buyers. Higher quality selection should keep average prices stable, with a modest increase in unit sales of 0.5%, matched by a modest drop in inventory by 0.5%. Overall unit sales are projected to decrease by1%.

“Edmonton had a positive 2016 despite ongoing economic uncertainty,” said Mabey. “Buyers are continuing to remain cautious, and sellers are having to set appropriate expectations and evaluate their motivation and urgency.”

If you would like to know the specific averages ($) of the houses in your neighborhood, you have 2 options:

  1. Contact Dave Ozubko directly at 780-966-8227, and he will provide you with additional information
    OR
  2. Visit Dave Ozubko’s website for the FULL HOUSING REPORT, which will provide you with all the details at: www.DaveSells.ca

If you would like any additional information on the real estate market, or if you’re thinking of buying or selling, please contact Dave directly as he would be glad to answer your questions.