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Bidding wars, limited inventory and skyrocketing sales. What is in store for the Edmonton, AB real estate market?
We are seeing a lot of bidding wars, especially in new neighborhoods and properties that are under the $750,000 mark.
Detached homes are still doing very well, duplexes are doing quite well and we are seeing a little bit more movement for apartments, condos and townhouses.
Prices over the last year and year over year have been actually quite good. Also our best year that we’ve had in a long time, thank goodness.
BENCHMARK PRICES (year over year)
Single family homes – up 6 %
Condo prices – down 1%
Duplex/townhouses – up 1%.
The Benchmark really shows us what that average house is doing across the board. Which can be a better indicator of what is actually happening in the market.
If we get 1 or 2 super expensive houses that sell, it can look like the prices went up 11%, however they have not.
Days on market is the most interesting statistic to me as a real estate agent. It guides my clients in terms of where you’re going to go in selling your home, pricing, staging and what renovations are important.
AVERAGE CUMULATIVE DAYS ON MARKET:
Single family home – 75 days
Duplex/townhouses – 76 days
Condos – 114 days
There are properties that are selling in 4 days even 2 days on the market, which is what the news is picking up on. Those properties may have been taken off the market and repriced lower, which is a solid strategy that we certainly do sometimes.
If you are thinking of selling or buying at least for right now I would tell you, you don’t necessarily have to buy into the hype. You don’t have to stress out and worry your house will sell in a day and you are going to be out of a house. Not the case at the moment.
The big note of caution, that is what’s happening in Calgary, AB right now!
It has changed and really become a lot more like Vancouver, BC and Toronto, ON.
The good thing for all of you, I am going to continue to keep my eye on the market across the province, across the country and really get a feel if things start to shift.
The market is getting busier, people are out there as the weather improves and start feeling spring fever.
✔Price well
✔Stage well
✔Show well
A lot more activity is going to happen, so overall very good news. Very optimistic for more sales, more sales volume and more activity will happen.
If you are wanting to buy/sell, reach out early, the more prepared you are, the better your chances will be in the market.
As many of you know my husband Ferdinand is now working with me and has his real estate license. This allows us to double down and get images of your property sooner and do an even better job serving you.
Warmly,
Sara Kalke, REALTOR RE/MAX Real Estate