Edmonton Real Estate – Looking back and Looking forward
This past week the Realtors Association of Edmonton released their forecast for 2014. Here are some of the highlights from 2013 and what to expect in the year to come.
- The average selling price of a single-family home in the Edmonton region reached $423,544 in December — just short of the all-time peak of $424, 572 set in May 2007.
- The price was up 4.4 per cent compared to November and up 4.5 per cent from December 2012.
- The average condominium sold for $234,967 in December, down 2.4 per cent from the previous month but up 3.4 per cent from a year ago. The peak average condo selling price is $274,379 in August 2007.
- There were 17,055 residential sales in 2013, up from 15,812 in 2012.
- The inventory of homes at the end of the year was 3,049, the lowest level in 5 years.
- An increased activity in the luxury market.
- There were 115 MLS sales in the million-dollar-plus price range, up 29 per cent from 2012.
- The highest-priced single-family home sold in the region was for $3.4 million. The highest-priced condo sold for $1.6 million.
- A prediction of a 12-month average price of single-family homes to go up three per cent to $422,000 in 2014, compared to $409,824 in 2013.
- With less inventory of single family homes in the lower priced , they predict that more couples will move into purchasing condos.
- The forecast calls for a 12-month average condo price of $246,000, up two per cent from $241,377 in 2013.
Whether you are looking to buy or sell this year, call her. Karen has over 10 years experience in the Edmonton market and has an impressive portfolio of success . Event though she specializes in the Old Strathcona and the Whyte Avenue area, she knows the entire city and neighborhoods well. So whether you are a first time buyer looking for a one bedroom condo, or a family of 6 looking for more space, she is the person to call.
Published this week in the Edmonton Journal, Bill Mah highlighted some of the notable trends and stats of the Real Estate activity in Edmonton during 2013, as well as what the association is predicting for 2014. To see his full article read here.