While the prices of Edmonton homes did rise slightly last month, the overall market has remained stable as we finish off the summer.
The most recent housing statistics released by the Canadian Real Estate Association indicate that the average sales price last month rose for single family homes but remained balanced for duplexes, rows, and condominiums. According to this report, the average sales price for single family homes recorded in June of 2017 was 2.91% higher than the month before and 4.37% higher compared to June of 2016. This new average sales price reached $453,735 at the end of June.
The average sales price for condominiums rose 3.69% from May of 2017 to $260,084 in June of 2017. This price is a decrease, however, from the average sales price recorded in June of 2016. The average sales prices for duplexes and rowhouses showed a similar trend of increasing 1.75% from May to an average sales price of $350,431 in June but decreasing 0.68% year over year.
There was little difference in the total of residential units sold in June compared to both the previous month and the previous year. There were 0.76% more residential units sold in May of 2017, but 0.74% less residential units sold in June of 2016.
The total number of residential units sold last month came in at 1,867. Of these, 1,192 were single family units, 461 were condominiums, and 307 were duplexes or rowhouses. The popularity of the latter has continued to increase, with sales in this category of residences rising an astounding 68.68% over last year.
The number of homes available on the market has gone up over the last year, rising 6.24% from June of 2016 to June of 2017. At the end of last month, the inventory of available homes on the market was recorded at 8,586, meaning there are still plenty of homes available to you!
If you are considering the purchase of a new home and have questions about your Edmonton mortgage options, give me a call! I would love to answer your home financing questions and get you started on the path to the perfect mortgage today!