One Bright Spot!
Looking at December 2019 City of Edmonton residential real estate stats, it appears most people were celebrating Christmas and other holidays! However there is one bright spot. Condo sellers will be delighted to know the average condo price went up 10% YEAR over YEAR in December. Here is to hoping this is a sign of the future trends for 2020.
Here’s a rundown on the market for last month. All residential sales were down 3.9% year over year, but up a slim .9% month over month. There is 7.1 months of inventory in the City. Single family homes were down 5.5% y/y and down 1.9% m/m with a balanced position of 5.8 months of inventory. Condo prices rose 10% y/y on average but stayed quite flat m/m at a .4% drop. There are 9.6 months of inventory now. Duplex/Rowhouses are down 7.5% y/y and up 2.1% m/m with 7.5 months of inventory putting them in a buyers position currently.
With all the news about interest rates, housing sales, and forecasts, you might think that the real estate market is a bewildering place. In some ways, you’d be right! The market is certainly active. There’s a lot going on. But, it would be a mistake to let all that noise discourage you from making a move. If the timing is right, and you’re ready to upsize or downsize – or simply move to a neighbourhood that better suits the lifestyle you want – you should at least get the information you need to make the best decision.
As your real estate professional, I’m always available to help. I can fill you in on what’s happening in the local market, help you determine what kind of new home you are qualified to purchase, and give you a clear idea of the properties currently available. Even if you’re just at the “thinking about it” stage, I recommend getting the information you need now. That way, you’ll be prepared to make the best decision when you’re ready. Call me for a personal appointment.
