All we hear about in the Edmonton area is that folks are losing jobs, that there’s no optimism in the Alberta economy and therefore the housing market must be dead. Right?
Not so fast. We like to measure activity in the Edmonton real estate market based on 3 key criteria.
- How many homes sold in January compared to the year before?
- How long did it take for homes to sell in January compared to the year before?
- How much did homes sell for in January compared to the year before?
The results might surprise you. Let’s take a look.
This is encouraging. There was no shortage of buyers. The number of houses sold in January compared to last year is 5% UP.
Days on Market
Sellers this January were having to wait 15 days LONGER than sellers in 2015. This is not surprising given that we are now sitting on large inventory levels. However 69 Days on Market is still respectable by most standards.
Unfortunately, there’s no skirting around this fact. Average sales prices in January 2016 are 6% DOWN on the same period last year. This may moderate as the year progresses, but for now, prudent home sellers would be wise to price their homes BELOW recent comparable data.
Of course there is a lot that sellers can do to improve their chances of success. Click here to learn about 6 Different Ways to Sell a House or Condo in a Down Market which shares several good reasons to sell now rather than wait. Click here to learn more about why January and February are great months to sell a house.
It’s never been more important to find a real estate professional that add value and charge lower fees. Want more information about our discount and flat fee home selling programs? Please feel free to call our broker owner Stuart Neal at: 780-760-2014 or visit www.LowerRealtyFees.com
Real Estate Done Differently – Lower Realty Fees & Outstanding Results,
Superior Realty Services from $1999
All information was taken from the Edmonton MLS System on Feb 4th 2016. 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 own due diligence and should not take action based on the information contained herein.