Below is Kelly Grant's summary of the report's important statistical highlights and conclusions:
- The Edmonton market overall is between a 'Balanced Market' and a 'Buyer's Market'
- For single family homes and duplex / row housing, it remains a 'Balanced Market'
- For condominiums, it remains a 'Buyer's Market'
- The market inventory has improved slightly from November 2016 but overall is still at over 6 months
- The average days on the market has worsened slightly from November 2016
- The average sale prices of single family homes has gone up 2.29% over the past 24 months
- The average sale prices of condominiums has gone down 4.39% over the past 24 months
- The average sale prices of duplex / row housing has gone up 5.30% over the past 24 months
- For single detached homes, the median sale price range is $350K to $400K
- For condominiums, the median sale price range is $200K to $250K
- In summary, the statistics suggest sale prices will continue to remain steady or decline slightly (most predominantly for condominiums) until the supply is balanced to the point that demand starts to outweigh supply. The full recovery (i.e. to peak property values) could take between 3 to 5 years+. Overall, 2018 will likely remain a balanced market for houses / duplexes / row housing (with sale price increases of between 2-4%) and will likely remain a Buyer's market for condominiums (with sale price decreases of between 2-4%). External factors affecting these results will include the ever-changing state of the economy and levels of natural resource development in Alberta; the modified government mortgage and borrowing regulations; and the effects of these changes on population inflow / outflow and overall consumer confidence.
[Article ©2017 by Kelly Grant, M.Eng., ABR, NCSO, P.Eng. - REALTOR® at Maxwell Devonshire Realty in Edmonton, AB]
[Market Statistics Reference: Maxwell Realty and the REALTORS'® Association of Edmonton]
Disclaimer: for those readers not currently represented by another licensed REALTOR®, to obtain more information on this topic and / or if you are serious about selling or buying in the Greater Edmonton Area, call Kelly at 780-414-6100 (pager) or send Kelly an email to SOLD@KellyGrant.ca to schedule a confidential appointment.