Perhaps spurred on by the impending changes to lending rules in Canada effective January 1st, 2018 homes sales volume picked up nicely in December. However, sales prices experienced a correction and days on the market increased.
In December 2017 there were 107 MORE homes sold than in December 2016. That is 716 homes sold in 2017, compared to only 609 homes sold in 2016. Encouraging.
However, month-end inventory levels went up to 4708 homes for sale compared to only 3815 homes sale in December 2016. This represents an increase of 893 homes or 7 months supply.
Days on Market:
Homes went under contract in 69 days this December to 66 days in December 2016. This could be significant when the higher levels of inventory are taken into account.
Home buyers were aggressive in their negotiation this past December. Sales prices dropped in 2017 by around 2% over December 2016. Homes sold for around $358000 compared to $366000 in 2016.
If inventory levels remain high, there will be further pressure on sales prices particularly as we approach the Spring time when more homes will enter the market.
There is a very good argument to sell in January or February, (click this link for more details) before home buyers become more aware of the leverage they might enjoy.
About the author:
You can read more about the author of this blog by clicking this link – Stuart Neal Broker Owner & REALTOR®
Want more information about our discounted flat fee home selling and purchase programs? Please feel free to call our broker-owner Stuart Neal at 780-760-2014.
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All information was extracted from the Edmonton MLS® System. This report is provided for informational purposes only. We do not warrant or guarantee the accuracy of the information in any way. Readers are advised to complete their due diligence and should not necessarily take action based on the information contained herein.