Keith Madsen's Home Trends
K EITH M ADSEN
High Inventory, Stable Prices For The 2018 Real Estate Market Edmonton, January 3, 2019 - The Edmonton Census Metropolitan Area (CMA) real estate market marked a year of stable average and median prices, decreasing sales, and increasing inventory. Year-to-date average prices remained relatively stable throughout 2018. The residential average sale price was $369,607, a decrease of 1.28% compared to 2017. In the specific categories, average single family home prices decreased 0.85% to $434,028, condominium average prices decreased 4.9% to $236,008 and duplex/rowhouse average prices decreased 1.75% to $342,150. Residential year-to-date unit sales were down 5.57%, to a total of 15,519 residential units sold. “The real estate market in 2018 experienced record-high inventory levels, rising interest rates and the effect of the mortgage stress test, resulting in lower sales in all property categories,” says REALTORS® Association of Edmonton Chair Michael Brodrick. “It was a challenging market for both buyers and sellers and it appears 2019 will be similar.” Listings for December 2018 decreased 3.85% compared to December 2017. End of month inventory increased 10.83% year over year. In the month of December, sales decreased both month over month and year over year. ~ Source REALTORS® Association of Edmonton Read the Full Market Analysis Call if you’d like to find out more about your home and neighbourhood.
*SFD = Single Family Dwelling *DOM = Days on Market Source: REALTORS ® Association of Edmonton Market values stated are of the average of Edmonton and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to- date evaluation of your home. Average Price SFD* $427,892 UP 2.68% (YOY) Average Price Condo $205,947 DOWN 12.83% (YOY) Average DOM* 72 Sales to Listing Ratio 62%
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