There are tried and true formulas we apply to economics, and sometimes in Edmonton, we defy them. We’ve pointed out in recent months that despite the traditional rules of supply and demand, home prices in Edmonton have been increasing even though inventory volumes are high. Again in May, average home prices went up, even while the number of sales are down year-over-year. Even more curious, the one type of property where home prices dropped, rowhouses and townhomes, was the one category where sales have increased!
Average single family home price in May: $451,312 – up 2.5% from May 2014
Average condo price in May: $256,143 – up 2% from May 2014
Average duplex/rowhouse price in May: $345,659 – down 2% from May 2014
We’re seeing small price increases, not the big leaps that we saw at times last year. These slow steady increases are great signs for our economy, and good news for both buyers and sellers. A stable market is something that people on both sides of the transaction enter with more confidence.
Some rules don’t always apply. Some rules do. When you need advice about what’s happening in Edmonton Real Estate, asking your local REALTOR® remains the tried and true rule. Your local REALTOR® –here when life happens.