Upsurge of Sales in Surrounding Edmonton Area
Over the past few weeks our blog has hi-lighted the merits of outlaying Edmonton communities and the attractiveness of permanent residency in these areas. Re/Max realtors not only focus neighbourhoods within city limits, but represent all local small towns and hamlets, and have the necessary skills to negotiate real estate deals in and out of the city. They always have an eye on where market trends are headed, and recently surrounding Edmonton municipalities have been the central point of an upward growth spurt.
According to the EREB (Edmonton Real Estate Board) the most active sales areas have been St. Albert, followed closely by Sherwood Park. These two municipalities represent about 14% of all real estate sales in Edmonton’s census metropolitan area for single-family dwellings. As the interested eye of buyers continues to move outside of city limits, the areas of Westlock, Beaumont, and Fort Saskatchewan lead nearby communities in unprecedented growth rates. While Fort Saskatchewan’s year-over-year sales climbed 24%, Beaumont grew by 55%, and Westlock showed a whopping 78% increase.
As one moves geographically futher from the metropolitan centre, there is a general tendency for prices to decrease. While St. Albert and Sherwood park top the charts for average home prices in outlaying areas, the lowest average prices can be found in Westlock and Wetaskiwin, each less than an hours drive from the city. This reasoning is likely behind the growth rate of these particular communities, and explains movement away from the metropolitan centre.
Another contributing factor is a slight increase in average home prices, allowing sellers to feel more confident in returns on their investments. This has allowed for more overall properties to become available on the market, as more sellers continue to emerge. According to REALTORS® Association President Greg Steele:
“People who bought at the peak have not been able to realize their original purchase price until these prices surpassed the earlier peak. Now people are confident in the market and feeling comfortable about making a move and those houses are being listed.”
You can revisit our blog posts featuring many of these local Alberta municipalities to learn more about community actives and daily life, including: Fort Saskatchewan and Beaumont, or check back for upcoming articles on the many other surrounding communities.
CLICK HERE to create a custom search of Edmonton and surrounding area homes to suit your particular needs.
