REALTORS® forecast local housing growth in steady market Jan 2014
Wednesday, January 8th, 2014Forecast for 2014: value of MLS® sales in 2014 will increase by about 3% for the year after sales of $8 billion in 2013. This is based on an overall increase in the number of homes sold and increased prices.
The sale of single family homes in Edmonton will be static, at about 10,500. The number of sales of condo, duplex and rowhouse sales will increase by 2.5% throughout the region as these properties become the de facto entry point for first time buyers.
Prices, as usual, will fluctuate through the year but the 12-month average price for a single family detached property is anticipated to increase about 3%. Condominium property average prices are projected to increase about 2% over the year.
Market growth is always good for the seller who can expect to see a capital gain on their property. But it is also reassuring for the buyer who can expect steady growth upon entering the market.
| YTD Average | Change | At year end | |
| SFD Prices (CMA) | $409,824 | Up 3% | $422,000 |
| Condo prices (CMA) | $241,377 | Up 2% | $246,000 |
| All Residential Prices | $349,202 | Up 2.5% | $357,932 |
| Rural/Recreational | $548 million | Sustaining | $550 million |
| Commercial sales | $225 million | Stronger | $250 million |
| Total MLS® Sales | 22,932 | Up 2% | 23,390 |
| Value of Total MLS® Sales | $8 billion | Increase | $8.6 billion |
