Ritchie Market Update

If you’ve driven past the intersection at 76 ave & 96 st in the last 6 months or so you’ve probably noticed something going on. A lot of construction, but not the type of construction that holds up traffic, has continuous delays and just seems like it never gets finished. We’re talking about a Project called the Ritchie Market.

“The Ritchie Market is a neighbourhood-focused, multi-use building containing beloved local Edmonton businesses like Acme Meat Market, Transcend Coffee, and Velocity Cycle along with a new family-friendly brewpub in a shared, collaborative space”.

So here’s the construction update by visual :

 

 

Ritchie2 Ritchie3 Ritchie4 Ritchie5 Ritchie6 Ritchie7 Ritchie8

 

 

What does this all mean for the Ritchie Real Estate market & the future of one of Edmonton’s most central neighbourhoods? Lets explore the Real Estate data so far this year as of April 22nd, 2016.

16 homes in Ritchie have already sold this year.

The average Days on the market currently is 42 days

Average Sold price is $ 449,558

Median Sold Price is $ 436,475

The highest Sold price of a home in Ritchie this year is $ 714,000 & the lowest being $300,000

 

This is a pretty good start to 2016 for Ritchie. 2015 sales in the neighbourhood combined over 26 million dollars worth of transactions which is 58 total sales. ( 41 Days on market being the average) Considering we are in a “buyers market” it seems like people are still choosing to buy homes in Ritchie. Whether it’s a condo closer to Whyte ave or a tear down to do a nice infill project the data suggests that we should see at least 50 sales in the area this year. That number could be higher considering the slower start to the year ( January – March ) we had. My opinion is that the neighbourhood will continue to see growth, increase in sales, in turn increase in values.

 

“We want to serve as an example of a walkable and bike-friendly development done right within a mature neighbourhood in the city of Edmonton, hopefully leading to more revitalization of commercial zones in other established neighbourhoods.”   Greg Zeschuk

 

 

This is the vision that is currently coming to life as I am literally writing this. These are the types of projects that will have a rippling effect for many years on the communities in our city. This is the real deal. “Redefining Community” is not just some hype slogan for marketing and self promotion, it really does mean collaborating with the community, developing something the local residents want and building it without disrupting their daily lives.

 

 

Thank you for reading our blog. The Ritchie Market is well on it’s way to completion.

Stay tuned for the next update!

Visit  ritchiemarket.ca for some more information on the project.

 

 

 

 

Brenna Turvey & Robert Fyfe are co-founders of EdmontonRealEstateReport.com -Providing high quality content and education to people who are interested in the Edmonton market was the main reason to launch the website. Reporting without bias, using the most up-to-date statistics on the real estate market, the economy and other influential factors will always be the standard. Robert Fyfe is a licensed REALTOR® with Realty Executives Progressive and writes regularly for multiple websites. Brenna Turvey is a professional writer.

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