May market numbers
| April | | | May | | |
| | Change from | March | | Change from | April |
Listings | 3019 | +240 | 8.6% | 3180 | +167 | 5.3% |
Sales | 1843 | +543 | 41.7% | 2161 | +318 | 17.3% |
Average Sale price | $294,703 | +$3,332 | 1.1% | $306,203 | +$11,500 | 3.9% |
House | $353,386 | +$2,429 | 0.6% | $367,672 | +$14,268 | 4.0% |
Condo | $236,020 | +$4,234 | 1.8% | $244,734 | +$8,714 | 3.6% |
Largest month to month price increase in 2 years
Selling prices of Single family homes rose significantly last month, with the largest, single month, price jump since March to April of 2007.
March 2007
Average selling price: Home Condo
$398,476 $246,719
April 2007
Average selling price: $413,488 $261,044
$15,012 (3.7%) $14,325 (5.8%)
What we have seen in the last four months is a steady increase in overall market activity, with the last month having the largest increase in number of sales and prices in 2 years. Buyers need to be well prepared and aggressive to compete in this market as well priced properties are selling fast.
With this increase in market activity mortgage rates are also on the rise. I would encourage anyone who is looking to purchase a home within the next 90 days to talk to your mortgage broker and enquire about a pre approval with a guaranteed rate.
This year should prove to be very interesting, with all the talk of recession and hard times.
Oil prices, on which, Alberta is so dependant on are on the rise, as anyone who bought gas lately knows, should go along way to stabilizing the provincial economy.
Making your Real Estate needs my priority.
Dave Dry
www.davedry.ca
Licensed Realtor in the province of Alberta