February 2018 Real Estate Report

March 8, 2018 2:10 am Published by

Welcome to my monthly Edmonton Area Real Estate Report

What do they say, in like a Lion out like a Lamb? Looking outside as I write my monthly Edmonton Area real estate report for February 2018, I’m looking forward to seeing the Lamb!!!  If there is any consolation to winters last gasp it’s that I notice there is crappy weather all around the world. It’s kind of nice to know we’re all in this together lol!

I’ve been monitoring the February real estate market with interest all month. We had a pretty good start to the year in January and as is seasonally normal, sales in all categories increased in February. We should expect the trend to continue through the spring when the market is typically the most active.

Although sales are up from January 2018, they declined somewhat compared to February 2017. I wonder if the exceptional January sales reflected the buyer’s desire to take advantage of their pre-approved mortgage rates?

The good news for sellers is that the average selling price in all categories increased month over month and year over year. I’m not sure this will be a trend and suspect prices will remain relatively stable but with specific city pockets and certain price categories more active.

For buyer’s, the inventory of available homes increased 10.90% over January and up by 8.67% from February 2017. As what is now the norm, buyers have great choice in many areas especially in the Condo category.

What does March look like? I expect we will follow the normal spring trend with the typical increase in activity as buyers and sellers get off the fence. I think however that perhaps the slight rise in interest rates and mortgage rules will temper activity a bit compared to 2017. In the meantime, please stop snowing, warm up, melt the snow, and let’s enjoy the month of March!

Average Prices:                                                           MOM / YOR

  • Single Family                 $442,206      (+3.14% / +3.73%)
  • Condominium              $236, 808     (+4.0% / +1.48)
  • Duplex/Rowhouse       $354,638                      (+1.73% / 2.62%)

Average Days on Market

  • Single Family                59
  • Condominium             75
  • Duplex/Rowhouse      64

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

Cheers,

Chris

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This post was written by Cat and Chris