First-Time Buyers are Leaping Back into the Edmonton Real Estate Market
From recent graduates still living at home, to long-term renters, more and more people are deciding that now is the time to make their first real estate purchase! ”Whoever they are, they’re coming back in the marektplace – and if they’re not, they should be!” according to today’s article article by Marty Hope in the Edmonton Journal.
The return of this buyer group could start a positive chain reaction in Edmonton’s real estate market. For example, a first-time buyer who purchases a re-sale home in a mature neighbourhood allows an empty-nester to down-size to that downtown condo they’ve dreamed of! That downtown condo owner might be selling because they need more space, or perhaps a different location closer to work. It can all start with one new qualified purchaser entering the market!
The starter home price range is already the busiest, with over 50% of sales occurring under $300,000. Those homes are also selling the fastest as well! While the average Days On Market (DOM) for March in Edmonton was 56, the average time for a property under $300,000 to sell was only 43 and the median* time to sell in this price range was just 31 days! (*The median is the middle of all sales times for the month - half the sales took more time to sell and half the sales took less time than then median.)
Learn more about the latest trends in Edmonton real estate in our monthly Market Report!
Contributed by Kathy Schmidt, Broker Owner of Schmidt Realty Group Inc.
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