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REALTORS® forecast local housing growth in steady market Jan 2014

Wednesday, January 8th, 2014

Forecast 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

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Russian Edmonton Real Estate, Realty Executives Polaris
4107 99 Street, Edmonton, Alberta, T6E 3N4
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