For anyone planning to buy a home upcoming, the market is ideal. If you’re hoping to sell, you’ll need to price extra competitively…
Each month I post what’s happening with home prices in Central Alberta. I take different looks using different averages etc to get a feel for what direction the market is heading. From month to month it’s hard to gauge the market but over a few months or a full year, you gather great information and spot trends.
Earlier this year we witnessed an average price increase 4 months straight. With prices lower than 2017 the first half of the year, it looked like we might see ongoing increases but that didn’t happen. It was nice to see prices consistently creeping upward a little, it helped but prices dipped back below the 300k mark and have remained there since.
Average price based on the 12 month average over 2017 (top pic) was $309,455. The average so far this year is 5.1% lower at $293,621.
Below is the monthly data used to determine the 4-month and 12-month running averages. Captioned are last months details. Both the 4-month and 12-month averages decrease again this month and likely will through the end of the year.
Statistics are super important if you’re planning to buy or sell real estate in any market. Above is data indicating it’s a great time to buy a home in the Central Alberta market. A buyer would take advantage knowing prices are low. On the other hand, a seller wanting to sell soon would have to price even more aggressively than similar homes sold earlier in the year.