REALTORS Predict Stable Housing Market for 2010
“Edmonton has a robust economy and consumer confidence is high,”
said Larry Westergard, the new president of the REALTOR Association of Edmonton at the annual Housing Forecast Seminar held recently at the Shaw Conference Centre. “We anticipate sales of about 21,000 units in 2010 which is up 10.5% from the 19,000 residential properties sold in 2009.”
What’s going to happen to HOUSE prices?
The average price in December 2010 is expected to be $385,000
as compared to $367,000 today.
What’s going to happen to CONDO prices?
Buyers can expect to pay $244,000 (on average) for a condominium next year -
about what they would have paid in 2009.
There were just 4,037 residential properties available for sale through the MLS® System at year end and Westergard warned that if inventory figures remain low it could tilt the market in favour of sellers and cause prices to rise higher than expected. On the other hand, if mortgage rates go up it could prevent some potential buyers from entering the market and put downward pressure on prices. Source: Realtor Association of Edmonton Press Release Jan 13 2010
So what does this mean for YOU?
It’s more important than ever to have a REALTOR you can trust in your corner,watching for signs of change in the market and advising you on how to make the smartest decisionin today’s market. Call your friends at Schmidt Realty Group anytime – let us be your real estate resource!
Contributed by Kathy Schmidt, Broker Owner of Schmidt Realty Group Inc.
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