2016 Real Estate year in review
The new real estate census for Edmonton Metropolitan Area was released at the beginning of this month, and you may be surprised to hear that local real estate sales showed a year of overall stability even in a year of economic turmoil and downturn. All of the following statistics are taken from the Edmonton Real Estate Board.
Prices were quite stable throughout the year, with only a slight overall decrease in price and number of total sales. Condos decreased marginally by 0.53%, and single family homes only 0.86%, The one big decrease was seen in duplexes and rowhouses, falling 5.22% from the previous year. To put this into a practical application – a $400,000 single family home in 2015 would theoretically have sold for $396,560 in 2016.
The number of units sold throughout the year decreased slightly from 17,325 units in 2015 to 16,170 in 2016. The average days on market also increased slightly from 51 to 57…meaning on average it would have taken 1 week longer to sell your home last year, compared to the previous year.
And there is recent hope that we may have seen the worse and we are on the upswing:
In December 2016, sales of all residential properties were up 0.42% from December 2015. These increases were reflected across all property types, which showed little change compared to the same month in 2015. Single family home unit sales were down only 2.53%, condominiums were unchanged and duplexes/rowhouses increased 19.44% from December 2015.
Stay posted as I update you with the most recent numbers as we enter into what is typically the busiest time of the year in real estate.
