Home sales values strengthened in August and homes took only 54 days to sell on average. Will this pattern continue? We suggest you read the outlook section below.
August home sales prices showed a nice increase over the same month in 2016. Home sellers this year received approximately $2924 MORE than did home sellers last year. The average sales price for August 2017 was $375,099 compared to $372,175 last year. We would consider this to be a balanced & healthy market.
Days on Market
August home sellers both in 2017 and 2016 fared the same, in terms of time on the market. 54 days was how long it took sellers to put their homes under contract. This is a very good sign from most perspectives.
In August 2017 only 13 fewer homes sold compared to last year. The stat to watch is current inventory and there were 975 MORE homes for sale than at the end of August 2016. This equates to a 6 month supply and should be watched closely.
Inventory levels are up on this time last year, but we expect that this will self correct as unmotivated sellers start to retire from the market, until Spring 2018.
In most years we see a ‘value spike' in October or November, as the ‘move in by Christmas’ crowd search through dwindling supplies of homes for sale with quick possession.
For motivated home sellers, this is an excellent time to sell, quickly and for a high value.
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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Flat Fee Realty Services from $4500
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 own due diligence and should not take action based on the information contained herein.