St. Albert, Edmonton, Sturgeon County and Area
All indicators point to a very likely increase in the value of properties in the St. Albert, Edmonton and Area despite a probable slight increase in interest rates on the horizon.
We are currently experiencing a decline in inventory levels and a surge of buyers; there were 1,118 homes listed in December 2009 and 948 Units Sold resulting in a sales-to-listing ratio of 85%. That is very high!
To gain some perspective, speaking historically, at the top of the Market in May of 2007 single family homes sold for an average of $426,028
- An average priced single family property in the Edmonton area sold for $366,761 in December 2009; down from $368,018 in November 2009.
So we are currently at an average price of $366,761 and we have been as high as $426,028. That is a 16.16% spread – we certainly have the potential to increase another 7 – 8% for 2010.
Economist for ATB Financial Dan Sumner states “The final quarter of 2009 Alberta New Housing Starts managed to claw their way back towards more normal levels”.
I would suggest that we will see some interesting dynamics for 2010 and Buyers should be making strides to purchase as soon as possible and Sellers should take advantage of the low interest rates (helping them to get the maximum price for their property) and the lower inventory levels right now.
Guy Pelletier is a Licensed Broker with CENTURY 21 Reward Realty.
Contact Guy today to Buy or Sell Your Home - 780.974.5800