November Real Estate statistics for Edmonton - where are the prices going?
| October | | |
| | Change from | September |
New Listings | 2,205 | -359 | -14% |
Sales | 1,535 | -169 | -9.9% |
Average Sale price | $300,647 | -$8,100 | -2.6% |
House | $363,694 | -$8,253 | -2.2% |
Condo | $237,601 | -$7,945 | -3.2% |
| November |
| |
| | Change from | October |
New Listings | 1,818 | -387 | -1.7% |
Sales | 1,185 | -350 | -2.2% |
Average Sale price | $298,236 | -$2,411 | -0.80% |
House | $365,858 | $2,164 | 0.59% |
Condo | $230,614 | -$6,987 | -2.9% |
The facts and figures I quote in the table above and following article are taken from Edmonton Realtors association data data.
Over the last 47 years the average home price has risen by roughly $6550.00 (1.8%) per year.
The last 10 years have shown a growth of $19,866 (6.2%) per year. Interesting, does this show steady climb in prices and a new trend?
If we break this down a little more and look at the 2 years, January 2006 with an average selling price of $199,148 to January 2008 with an average selling price of $332,051. We see a total increase in price of $132,903 over these two years or an average increase of $66,451 per year. This is a 20% increase in price per year; this is exceptional and far from normal.
In the last year from October 2008 to October 2009 a growth of $1,185 (0.37%) shows a dramatic slowing.
As you can see we have in the last few years, gone through a huge adjustment. In my opinion we are returning to a more normal market, so the 47 year historical numbers maybe a good guide and indication of where prices are going.
Is now a time to feel comfortable with buying or selling? I think so.
As this is such an interesting topic it would be great to hear you comments.
Call, leave a comment or e-mail me as I always like to hear your comments and questions.
Making your Real Estate needs my priority.
Dave Dry
www.davedry.ca
Licensed Realtor in the province of Alberta.