Dominion Lending Edmonton Market Update: December 2016
2017-01-10 | 11:31:26
Best Mortgage Broker Edmonton – John Beard
Whether you’re a current homeowner or someone considering purchasing a home in the new year, being a homeowner is a big deal. If you’re looking for great mortgage broker rates Edmonton, a broker such as myself can help ensure that you get the deal that you deserve.
The end of 2016 also meant the end of yet another year in the Edmonton real estate market. As 2016 ended, the Edmonton Census Metropolitan Area experienced overall stability over the past 12 months, seeing stable prices and slight decreases throughout.
Overall, a total of 16,170 residential homes were sold last year, a decrease from the 17,325 experienced in 2015. The average number of days that a home spent on the market was also six days longer in 2016 compared to 2015, increasing to an average of 57.
Per the Chair of the REALTORS Association of Edmonton, the economic uncertainty played a role in the number of units that were sold in addition to inventory despite the prices being steady overall.
Looking at December 2016, the number of residential homes sold fell to 1,067 units in comparison to 1,278 from December 2015. Despite the slight dip in sales, the sales-to-listings ratio increased to 67% last month from 58% in the same month in 2015.
The average sale price for a residential home in Edmonton was $357,916 in December 2016, down slightly from the $364,438 average we saw in December 2015. This was a decrease of 2.27%.
Leading the way were single family detached homes with 424 units sold in December 2016, followed by condominiums and duplex/rowhouses with 202 and 69 sold units, respectively.
The total sales volume from 2016 was $6.03 billion, a decrease from 2015 when $6.45 billion was generated and 2014 when a sales volume of $6.98 was experienced. However, with the 2016 holiday season now concluded, both home sales and listings are expected to jump once again.
If you’re interested in buying or selling a home in the area in the new year, consulting a mortgage professional such as myself can greatly benefit you. Using my professionalism, experience and knowledge of the local area, I can help ensure that you get the right mortgage for your specific situation.
As I continuously strive to be the best mortgage broker Edmonton, I am always looking out for any information that may help my clients secure the mortgage they need.
For more information on how I can help, contact me today!