April 2018 Real Estate Report

May 7, 2018 9:30 am Published by

Welcome to my monthly Edmonton Area Real Estate Report

Wow we finally made it through winter! Doesn’t it feel great to see the grass greening and smelling the promise of spring .

Remember last month when I mentioned that the 2018 sales were off to a slower start than the same period in 2017? Well they increased nicely in all the categories compared to March 2018. Both Single Family and Duplex/Rowhouse sales were also higher year over year while Condo’s were down slightly. I’ll admit I was a bit surprised to see the strength at the end of the month given that they were lagging somewhat earlier. Did the change in weather boost interest?

While sales increased so did the inventory of all available residential properties. I believe this reflects in the decrease in the average prices month over month and year over year. I can’t recall seeing as many price decreases in listings as we have had lately. Note the Seller’s: If you want to sell in this Buyer’s market, price it right and make it look pretty!

What does May look like? I expect the typical seasonal trend of increasing sales will continue and peak in June as per usual. It will be interesting to see if the bump in interest rates moves the market much. I think it’s reasonable to expect it will push some Buyer’s to more affordable homes resulting in Seller’s either adjusting their price expectations or staying on market longer. I note that the Alberta economy is growing and the recession has been declared over. With interest rates still pretty good, prices affordable and with great selection, it is a great time to buy!

Single Family                April 2018    March 2018   Change     April 2017    Change
Sales                              971              791                22.76%     902               7.65%
Avg Price                      $429,116       $444,091      -3.37%     $439,614      -2.39%
Days on Market            52                 51                1.96%        48                 8.33%

Condo
Sales                             380               339               12.09% 3    92                 -3.06%
Avg Price                      $247,405      $234,212       5.63%        $259,090       -4.51%
Days on Market           66                 72                  -8.33%      60                  10.00%

Duplex Rowhouse
Sales                            169              140                   20.71%    146                  15.75%
Avg Price                     $323,906      $349,537         -7.33%      $357,815        -9.48%
Days on Market           59                 57                   3.51%       64                   -7.81%

Inventory                    8788             7737                13.58%     7652               14.85%

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