Here it is, the best real estate market report you’ll find in Edmonton. It took forever to create but the results speak for themselves. The chart below breaks down some of the stats you normally see, into different price ranges – this is something you can’t find anywhere else in Edmonton.
This chart gives a much clearer picture of the market in Edmonton. The first thing that surprised me: properties in the $250-$500k range are more in demand than the entry level price range. How do I know that? The absorption rate – this shows the length of time it will take to go through any remaining inventory in each price range, and the lower middle and middle price ranges will both go through their remaining inventory before the entry level properties.
This is especially interesting, since the properties in the $400-$500 price range have the lowest list to sale price ratio. My thoughts are that there must be a lot of junk out there in the entry level price range that is bringing down the average, and at the same time there is more in the middle price ranges relative to the demand for homes in those ranges.
What does all this mean if you’re buying property in Edmonton? Well, if you’re looking under $400,000 you’d better be prepared to pay above list price. If you’re looking in the middle price ranges you have a bit more room to maneuver.
And last, to brag just a bit, the average list to sale price ratio for our listings for February was 106% – well above the average for the board, and our average days on market was 6.7 – much better than average. Check out our sell your home for more program at www.sellyourhomeformore.ca.
As a note for next month, since the lower middle price range was solarge this month, I’ll likely be adjusting the ranges a bit to even things out.
