Latest Market Conditions
AREA ( Albert Real Estate Association ) just released their latest sales statistics and you may be surprised by the data. The general mentality of the public is that our real estate market has taken a big dip, but the stats say that this is yet to happen.
The average residential sale price for the month of December 2015 was $389,486 – only down 0.3% from the $390,528 of December 2014. Surprisingly enough, December 2015 sales were still 2.37% higher that that of December 2 years ago ($380,477). To make matters better,6 of 10 real estates boards in Alberta actually saw an increase- including Edmonton which saw a 1% year over year increase. Unfortunately, Calgary, Fort Mcmurray and Grand Prairie were the few communities to see a decrease in price.
As a whole, the number of sales were down for the month of December for the whole of Alberta. Over the past 5 years, the province has seen an average of 2929 sales in December. This December however, we only saw 2532. Again the entire provincial numbers have been affected by a few of the markets that have seen a more substantial decrease.
All in all however, this is very encouraging news. Ill keep you posted when the data from the first few months of the new year come out, but hopefully our real estate economy in Edmonton continues to remain strong, and maybe even continue to see some increases.
