Edmonton Market Update: January 2017
2017-02-06 | 13:48:47
Dominion Lending Edmonton – John Beard
As I constantly strive to be the top mortgage broker Edmonton, remaining as knowledgeable and relevant as possible when it comes to the mortgage and real estate markets is significant.
For this reason, I am always monitoring both the local and national housing markets, analyzing statistics and determining where the market is headed.
As we approach the end of the first month of 2017, we can comfortably reflect on 2016 and how it performed against pervious years. Overall, the market was somewhat stable and prices remained relatively the same as 2015 with some slight drops.
The average sale price for an all-residential home (single detached, townhouses, condominiums, etc.) was $357,916 in December 2016. This was slightly lower than December 2015 and nearly the exact same as December 2014. Home sales fell for the second consecutive December. After recording 805 units sold in December 2014, sales fell to 747 in December 2015 before finishing at 716 last month.
Similar to November, December 2016’s average days that a home spent on the market increased across all home types. This is the norm for the month of December as the real estate market slows. Single family homes in Edmonton took an average of 62 to sell after November 2016 averaged 52 days. Duplex and townhouses took an average of 78 days to sell and condominiums averaged 80 days on the market in December 2016.
Total sales volume for last month was $178.5 million, a decrease from the $192.9 million total recorded in the same period last year.
Overall sales for the year totalled 16,170 units, which was down from the 2015 total of 17,325. Economic instability certainly affected this, however things remained quite steady overall.
If you’re considering buying or selling a home in the area, it’s important to consult a professional to help guide you through the process. I can offer low mortgage broker rates in Edmonton and area while finding you the right mortgage based on you and your family’s unique situation.
To be the best mortgage broker Edmonton, it’s important for me to treat my clients the in the best manner possible. If you’d like to learn more about how I can help, or have a question regarding your mortgage, I encourage you to contact me today!