From an analysis of current Real Estate Market Trends in our area and past historical data, our prediction is that we should begin to see an increase in values for single family detached properties commencing January 2011 with gains of up to 4% by the end of April 2011; especially with the good news just released by Governor Mark Carney of the Bank of Canada that he will keep the central bank's trendsetting interest rate unchanged and put on hold any interest rate changes for the time being.
The average price of a single family detached property (SFD) in the Edmonton area dropped half a percent lower from $365,691 in October down to $362,657 in November (these prices are closely resemble late 2008 SFD prices). Compared to 2009, 2010 prices are down significantly by 2.5%. This drop in value is seasonally typical and sets the stage for a rebound in 2011.
- Listings were down from 2,267 in October to 1,860 in November
- The average days-on-market was down from 60 to 59 days
- There was a drop in the available inventory from 7,689 to 6,982 residential units; still considered high for this market.
SEE GRAPH Below for Trends in 2010 (2011 Forecast is to recapture a significant portion of the 2010 1st Qt gains)