Look for real estate deals in January in Edmonton
Happy New Year! Today we have the December MLS® sales stats for the city of Edmonton only, and as always once the REALTORS® Association of Edmonton releases the official numbers next week we will post our final report. We expect to have our annual report for subscribers only, with a forecast for 2011 ready shortly after that.
After lackluster sales from April to October, we saw "normal" sales of single family homes in Edmonton in both November and December. There were 380 sales of single family homes in December, compared to 433 last year:
Edmonton Single Family Home Sales
Condo sales were on the lower side of average in December at 206 (compared to 250 last year):
Edmonton Condo Sales
The average sale price continued its downward trend in December from its peak in May of $400k to $357691k in December. Before all the bears get too excited about this, it is normal for prices to slip in the second half of the year, and we are ending the year very close to where we started. In years past including 2005 it was normal to see prices increase in the spring and then fall off in the second half of the year. The average condo sale price also fell in December to $220,365. Prices tend to drop from December to January as well so there may be some deals to be had in Edmonton this month:
Edmonton Average real estate prices
The price per square foot fell right in line with the average prices, suggesting the drop was not a matter of fewer high end sales:
Edmonton Real Estate Price per Square Foot
Edmonton condo owners accepted lower offers compared to their asking prices in December than single family home owners:
Edmonton real estate list to sale price ratio
Last year we saw home owners bringing their homes on the market earlier than normal, trying to get on before interest rates rose. This year I don't expect the inventory to rise as quickly... more on that in the annual report.
Have a great weekend!