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Market Update: Single household two home unit earnings are down 2.91%, unit income of duplexes are up 7.52%, and house two unit sales jumped 26.78% from the equal period of time ultimate year.
All residential common fees are down barely at $351,526, a 6.06% minimize from September 2018, and are down 4.30% from August 2019. Single household residences supplied two for an average of $420,406, a 2.16% year-over-year decrease from September 2018, and a 3.27% reduce from August 2019. Condominiums offered for an frequent two of $217,665, a 9.82% drop year-over-year, and a restriction two of 7.17% from the preceding month. Duplex prices are truely unchanged from closing 12 months at $343,230, which used to be as soon as a 3.17% reduce from the preceding month.
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We all know that the recent slump in the Edmonton market has effected a lot of sellers and buyers of real estate over the past year in Edmonton. According to Joel Schlesinger of the Edmonton Journal published Sept 7, 2019 "The resale housing market in Edmonton has a pulse. It may be faint at the moment. But the beat is picking up, based on the latest data from a national housing price index. The Teranet-National Bank National Composite House Price Index data for the city were up 0.5 per cent in July from June, slightly below the national average of 10 major cities of 0.7 per cent. The capital city was, however, a laggard among large municipalities with only Quebec City and Vancouver posting worse numbers for aggregate prices. Vancouver’s market was by far the worst in the nation, showing a decline in prices of one per cent. It was the only city to post a decrease."-JOEL SCHLESINGER, FOR THE EDMONTON JOURNAL Updated: September 7, 2019 This is great news for Sellers in Edmonton that have seen large inventory numbers effect their sold prices and the bottom line. On a personal note I have seen many more sales in the areas of Sherwood Park and St, Albert as young families are moving in these family rich neigborhoods and taking advantage of the wide selection. The best is to do your research on the area you are interested in. Connect with a realtor to give you market stats on the area, sold prices, days on the market and with condos check the reserve Fund of the building and the applicable condo documents before proceeding with a sale. Do a comprehensive home inspection and check and double check the mortgage rate. Research older home vs a new home. Research what an "infill" home is, find out if your home has a separate entrance and is it possible to install a basement suite or if there are rental suites available to view that can offset the cost of ownership. Ask questions and research the biggest purchase of your life. Is a half duplex work for you? Am I willing to spend more to buy a single home? Is location important? As an agent I highly recommend you research or know the area you are purchasing? Maybe your a light sleeper so living near a busy intersection is a mistake! Maybe I like the sounds of the city. Bus routes? Lrt expansion considerations? Maybe you do not take mass transit so being off a bus route is not an issue but think of resale and balance out. Buying where there is no bus service may be a great bargain but re selling might be a challenge. Possible that future service is coming so it makes a great investment. So many questions you should have about real estate!