When people ask me if it’s a good time to buy a home in Spruce Grove, Stony Plain, Parkland County or the Edmonton region, I usually tell them that the best time to buy is when they’re ready.  And that answer is true whether the market is up or down and whether the market favors buyers or sellers.

But sometimes it’s useful to take a look at current market statistics if you’re still trying to decide about becoming a homeowner.

The Real Estate Weekly regularly publishes information about residential home sales in our area.  The November 13, 2013 issue has an intriguing title for the most recent summary of market activity:  “Youthful buyers continue to drive housing sales in October”.  Darrell Cook, president of the Realtors® Association of Edmonton, points out that Edmonton residents are a youthful demographic with an average age of 36 and good job prospects so demand for housing remains high.  This translates into a brisk housing market.  In fact, Mr. Cook points out that “total annual sales are the highest they have been for five years and we had the best October in five years as well”.

And what about house prices?  In October 2013, the average single family home sold for $397,613, up 2.5% from a year ago.  The selling price of the average condo, at $235,680, was up 2%.  The total number of residential units sold in October was up a big 7% over the same time last year, while total number of units available for sale was down 3.8% from a year ago and those sold on average 6 days faster (on the market for 54 days compared to 60 days a year ago).

Good news for sellers, yes.  But still a reasonable market for buyers as well.  Buyers at present may need to be a little more organized (mortgage pre-approval in hand), as well as ready to act promptly when they find a house that suits them, but it’s just as possible to find your dream home now as at any other time.

Looking to sell your home?  I’d be happy to do a free home evaluation and advise you on getting it ready to sell.  If you’re in the market to buy a home, let me help you find just the right one!  Call or text me at 780-910-9669, email me at barry@barryt.ca, or contact me here. 

Tags: home buying, home sales, real estate market, Real Estate Statistics