August 2017 Real Estate Report

I love September; it’s like a form of renewal. The kids go back to school, football kicks into high gear, baseball finally gets really interesting and the Oilers come back into town. On top of that, the weather is usually great and the leaves look terrific in our fair city! For our Real Estate market, the summer lull tends to be replaced with more activity and we all get back to business.

The August Edmonton Census Market Area (CMA) statistics were released today and confirmed the summer trend. Overall sales of residential properties declined -4.93% over July and -2.03% Year over Year. This statistic was tempered by an increase of +3.27% from July in the Duplex/Rowhouse category. These homes appear to be a very attractive choice for Buyers and in fact was the only category to show an increase in prices; +3.27 from July and +3.98 Year over Year.

Single Family home sales were reasonably stable with a slight drop of -1.92% from July while the Condo market is still lagging. This category declined -6.37% from July and is down -3.76% from 2016.

Quick Stats:

• Average Prices:
o Single Family $438,325
o Condominium $245,184
o Duplex/Rowhouse $355,134

• Total Inventory:
o 8570 Residential Properties For Sale
o 10% higher than August 2016 but down slightly from July

We saw some nice indications of a strengthening Alberta economy in August and nationally Canada has beat expectations. We know another rate hike is coming but how much it will affect our local real estate market is difficult to say. I expect we will see a bit of bump in sales for September as we move into the fall market while the overall inventory should decline. Still, it’s a good time to buy!

As always, I appreciate your referrals and if I may of any service, please let me know.

Regards,
Chris

Categorised in: Real Estate Market Updates

This post was written by Cat and Chris