People have been paying extra attention to Edmonton’s housing trends as sensational stories about a real estate “bubble” circulate in the media. Some commentators have predicted that prices could suddenly drop. Fortunately, sales figures indicate that the market remains steady and has seen gradual improvement during the past year. This suggests that the major housing trends of the last several years will persist for the foreseeable future.

Stable Sales

The most recent data shows that real estate transactions continue to occur at a brisk pace. As in August, the average home only took 49 days to sell during September. This statistic reduced by five days since September 2013. Prices for most types of homes went up or only dropped slightly. Total inventory fell by 6 percent, and the numbers of sales and new listings both increased in the past 12 months.

Real estate agents in the Edmonton metropolitan area listed nearly 2,200 homes for sale during September. They sold 1,568 properties in the same 30 days. This means that only 1.4 homes were listed for every property sold. The majority of this real estate consisted of one-family homes. Almost 970 were sold in September; this represents a monthly increase of 4.7 percent. Condominium sales dropped 3.6 percent as new owners purchased about 450 units during the month.

Steady Prices

Compared to August, residential selling prices increased by 0.8 percent. An average home in this city sells for nearly $372,700. Current pricing trends vary from one type of house to another. Condominiums lost 3 percent of their value, but duplexes gained 0.3 percent. A duplex or townhouse in Edmonton typically sells for $96,500 more than a condo. The average single-family home price was practically unchanged at roughly $435,600.

Although prices and sales often drop at the beginning of autumn, it doesn’t seem to be happening this year. The market remained steady and the average price was largely unchanged as the season began. This reflects the fact that people don’t only purchase homes in the summer or spring months. Everyone has unique needs and experiences different changes in life, so sales are possible at any time of the year.

Now is the Time to Build or Renovate

With all of this data taken into account it is clear that Edmonton real estate market is as strong as ever. With the market doing as well as it is, now is the time to renovate your current home or if you plan on moving to Edmonton consider building a custom home. Alair Homes is there for you with either option. Alair Homes has an award winning reputation that allows them to provide its’ clients with high quality renovations and custom homes for much less than expected. For a no obligation stress free quote contact Alair Homes Edmonton now!