The Edmonton real estate market started the year strong, showing significant activity in both unit sales and new listings. Here’s a detailed breakdown of this week’s statistics:
Market Highlights
Unit Sales Surge by 43%
This week saw 327 properties change hands in Edmonton, a 43% increase compared to last week. This uptick in sales activity suggests a busy January, with buyers taking advantage of the fresh inventory hitting the market.
New Listings on the Rise
There were 543 new listings added to the market, marking a 29% increase from the previous week. With more options available, buyers are finding increased opportunities to explore homes that fit their needs and budgets.
Average and Median Prices Dip Slightly
The average property price this week was $420,000, reflecting a 4% decrease from last week’s figures. Similarly, the median price settled at $411,000, also down by 4%. These modest declines might indicate an adjustment in pricing as the market continues to stabilize after the holiday season.
What Does This Mean for Buyers and Sellers?
For Buyers: The increase in inventory gives you more choices, and the slight decrease in prices could be an opportunity to enter the market. Work with your Realtor to explore the latest options and negotiate effectively.
For Sellers: With sales activity on the rise, this could be a great time to list your property. Ensure your home stands out by pricing it competitively and showcasing its unique features.
As we move further into January, it will be interesting to see if these trends continue. Stay tuned for next week’s update for more insights into the Edmonton real estate market.
All statistics are sourced from the Realtors Association of Alberta.
