EDMONTON Real Estate Trending Upwards!!

The housing market in Edmonton is trending upwards, according to new figures released by Edmonton's Association of Realtors.

Across the board, things are up- in terms of average residential sales price, prices for single family dethatched and condos, as well as sales volume and inventory.

"Local market housing sales this year are tracking as we forecast in January," explained REALTORS® Association of Edmonton President Chris Mooney. "Historically for the month of May, the days-on-market (50 days) is at the second lowest point in four years while the sales-to-listing ratio at 53% is at the second highest point in the same period. Both metrics are a good indication of market optimism."

Looking at average prices, the average price of a single family detached home in May was $380,545, up marginally from the month before.  Condo prices registered in at $241,079, up a more impressive 3.65% from April.

Bucking the trend slightly, duplex and row house prices dropped by 2.96% month-over-month but the average residential price (including all types of residential properties) rose by 1.39% from a month ago.
 
Median prices rose in most housing categories. In May, 1,857 residential sales were reported, which is a rise of   24.9% from April with listings of 3,525 properties. Consequently, inventory increased from 7,715 properties to 8,180.

"There is a wide range of property on the market right now but it is turning over quicker than in recent months," said Mooney. "The local economy is picking up, the demand for labor is increasing but the national situation is keeping interest rates low. We anticipate increasing prices and sales through the summer ahead as we originally forecast."

Rod Thompson,Broker,SellerInvite told Propertywire.ca that. while these recent numbers are welcome news, prospective buyers and sellers should understand all the mechanics before making decisions:

"I  think any movement upward is positive after the poor showing we've had over the first quarter, especially after all the hype thrown at consumers earlier in the year. April was down over March and that was a surprise even for me. ... I understand why, nobody wants to instill fear into potential buyers, but the overall numbers do not reflect the tone. I'm always concerned by media like this as it can hurt sellers by providing them with a false sense of confidence."

Thompson suggests that sellers need to be aware of the market, and of what their options are whether they seek full service, private sale, or a combination of both: "More reason for sellers to seek good advice no matter what direction they choose."
Ivan Abelar

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