Market Update - July 2016
2016-08-11 | 16:45:02
As I continue to strive to be the best mortgage broker in Edmonton, monthly real estate market updates are something that I look forward to on a consistent basis as it allows me to stay on top of the latest trends in the local area.
In July 2016, the average sale price for a single-family home in Edmonton was $450,366. This was up by 3.45% from June 2016 and an increase of 3.07% from July 2015. The Chair of the Realtors Association of Edmonton says the average price rise has to do with the strength of sales for higher-end homes, pointing out that the median sale price was up 0.74% month-over-month and down 0.25% year-over-year.
In the Edmonton census metropolitan area, there were 1,515 all-residential homes sold this past July. According to the Association, this was down 15% and 16% month-over-month and year-over-year, respectively. This is expected, however, as it is normal for sales to slow in July after peaking in the months of May and June.
Additionally, there was a drop of 4.80% month-over-month in the number of residential listings for July 2016 with 2,895 homes listed. This was also a decrease of 7.27% from July 2015.
The average number of days that it took for a home in the Edmonton CMA to sell was 56 in July 2016, up three days from the 53 averaged in June 2016 and six days from the 50 recorded in July 2015. Leading the way for the month were single-family detached homes (52 days) followed by duplex homes (57) and condominiums (61 days).
At an average sale price of $257,482 last month for condominiums in Edmonton, there was a 2% drop in the average price compared to June 2016. One of the major reasons for the decrease is the fact that there was an increase of luxury properties sold that month which resulted in a boost of the average sale price for all condominiums. The July 2016 average price was in line with the July 2015 average. For a closer look at July 2016’s statistics, you can visit the Association’s website.
If you’re looking at buying or selling a home in Edmonton or its surrounding areas, I can certainly help you find the best deal. I offer a variety of mortgage solutions for those interested in buying a home, including mortgages for first-time home buyers.
I have been able to offer homeowners the best mortgage broker rates in Edmonton over the years no matter what their specific situation involves. Using mortgage calculators, I also help my clients determine how much they are really able to afford in monthly payments while finding them the best method that fits their lifestyle.
If you’re interested in purchasing or selling a home, allow me to show you how I am the best mortgage broker in Edmonton. I can equip you with the best mortgage rates with a favourable term that you can successfully pay off. To begin the process, to simply ask a question or for more information, I encourage you to contact me today!