The Story Behind the Stats: January 2019
2018: A year of stable average and median prices, decreasing sales, and rising inventory.
Despite all the recession talk in Alberta, the average and median price for all residential property types in the greater Edmonton area decreased just 1.28% when comparing the results for the full year of 2018 vs 2017. The average residential selling price for all of 2018 was $369,607 vs $374,400 for 2017. What has changed is that consumers are getting more house for the same dollar. That’s good news for anyone looking to purchase a home. With more homes on the market, buyers have lots to choose from, and sellers must make sure their home shows the best and is priced very competitively. While your property will likely sell for less than it would have a year ago, the good news is that you can still get a SOLD sign up. While the overall number of transactions is down almost 6%, there are still buyers in the market who are ready, willing and able to buy. They’re simply expecting more bang for their buck.
Download this month’s Schmidt Report for a quick look ahead at anticipated results for Edmonton area real estate in 2019.
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