Lots of people in the Spruce Grove, Stony Plain, Parkland County and Edmonton region are nervous about the Alberta economy and the impact of the upcoming federal election. If you are one of those people, and are holding off on buying a new home or putting your current home on the market, recent statistics from the REALTORS® Association of Edmonton might ease your stress a little.

Selling prices are down somewhat, the number of homes on the market is up a fair bit, and homes are taking a little longer to sell than a year ago, but there is still plenty of room for optimism on both the buying and selling sides. Here’s why.

In September 2014, the selling price for an average single family home in the Edmonton area was $436,429. In September 2015 the price had dropped to $432,150, a decrease of just .98% from the previous year. This seems to suggest that value is there for buyers, while sellers can still expect to receive a fair dollar.

In September 2014 a single family home stayed on the market for an average of 47 days; this year the time has increased, but only slightly, to 51 days. Last September saw 1,568 residential units being sold; this year that number dropped by 6.76% to 1,462. A slower market this year, but still plenty of movement.

A year ago, there were 4,812 units in the residential inventory for the Edmonton area. By September of this year, that number had increased to 7,108, a jump of 47.71%. This means that buyers have considerably more choice when considering their purchase. Sellers have more competition and so may have to put more time and effort into getting their properties ready to sell. But home owners who keep their property well maintained and have reasonable expectations for a selling price should not find this to be a problem. A seller was once the buyer of the property they now have on the market. I continually tell my buyers to consider the resale value of whatever property they are thinking of purchasing. Once they own that property, they should never forget that eventually they will want to sell, and a home that is well maintained and offered for the right price will find a buyer, even if the market seems to be less than ideal.

No matter what the housing market is doing, the best time to buy or sell is when the time is right for you! I’m always available to help you buy or sell. Call or text me at 780-910-9669, email me at barry@barryt.ca, or contact me here.

Tags: home buying, home sales, home selling, Real Estate Statistics