Investors in this market shouldn’t panic yet

by Justin da Rosa07 Mar 2016
Despite a glut of available properties in this Western market, professionals aren’t yet worried about price depreciation.

February ended the month with a total of 6,681 properties for sale in Edmonton – a 16.17% increase over the previous month and a 33.41% year-over-year-increase.

Sales were up 36.54% month-over-month in February – jumping to 837 from 618. However, they were down 10.1% year-over-year.

Despite this, investors may not yet need to worry just yet.

“Sales numbers are increasingly consistent with seasonal trends,” Realtors Association of Edmonton Chair Steve Sedgwick said in a report shared with CREW. “Relative to 2015, potential buyers have more inventory to choose from. Despite this inventory growth, prices have moderated only slightly compared to last year, so home owners and sellers can maintain some confidence that housing prices are remaining stable.”

Prices in February are “virtually on par” with February of last year, according to the association, and up 6.93% month-over-month.

Single family prices were sold for an average of $419,940 (up 0.24% month-over-month and down 2.79% year-over-year); condos sold for an average of $247,090 (up 8.83% month-over-month and down 1.32% year-over-year).

The average home stayed on the market for 57 days, down from 71 days in January. Condos, meanwhile, were sold on average in 57 days in February, down from 85 days in January.

“Buyers are still taking their time to consider all of their options before purchasing a new home,” Sedgwick said. “But with warmer weather just around the corner, clients are reaching out to their Realtors for support as the busy spring buying season approaches.”

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