Although sales in January were quite slow, it seems as though properties in the lower price ranges are selling quite well. At our office we have noticed a marked up-tick in the number of first time buyers we are working with, and since sales in the lower prices ranges are quite strong it could be that many of the first time buyers have come off the fence and are shopping in the Edmonton market:
The other thing we've noticed is that the number of sales per day was quite low at the beginning of the month and picked up quite a bit at the end of the month which should lead to higher sales in February if the trend continues:
The overall average residential sale price increased from December ($310k) to $317,543. Go figure!
The number of new listings that came on the market in January was only slightly above normal, and way lower than what we saw last year. If this continues it suggest a return to a more balanced supply and demand:
The final numbers will be posted by the board in a few days when we'll look at inventory, days on market and more.
Looking just at Edmonton (the above numbers include the greater Edmonton area) you can see the average price of condos increased, while the average sale price of single family homes decreased:
One thing in this uncertain time is certain, we're here to help you mak sense of it all. If you want information specific to your situation, feel free to chat with Sheldon or I if we are online, give us a call or send us an email and we'll see what we can do to get you whatever you are looking for.
