Edmonton Realtors® Annual Forecast 2017 in a nutshell:
Slight sales decline + gentle inventory increase = relatively stable market
Total residential sales: -1%
Single family homes: -2.2%
Condos: - 3.8%
Single family homes unit sales will be lower compared to 2016 by 1.7% (the decline should end by the summer)
The prices are expected to decrease by 2.2% and thus the inventory is expected to stay higher compared to previous years. Single family homes in the price range between $350,000 to $450,000 will continue to be the most desirable segment of the market.
(2016 – the sales were down by 5.3% compared to 2015 but prices dropped only 0.6%, with the hotspots in The Hamptons, Windermere and Summerside.
After the condominium sales drop in 2016, this segment should stabilize and the sales should even increase gently (by 0,2%:), but the inventory will continue to grow by 1.1% bringing the average selling price down by forecasted 3.8%.
Duplex/rowhouses will continue to be a stable and very popular segment for many first time home buyers, increasing the sales by 0.5% and decreasing the inventory by the same 0.5%.
Yes, the ongoing economic uncertainty impacted the market, but in a more acceptable way than expected. The buyers are cautious and the sellers need to be very careful when taking into consideration their pricing, timing, motivation and urgency.
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