The month of May 2017 has proven to be very interesting indeed. Values are down, inventory levels are up. Days on market remains stable.
Days on Market
For May 2017, days on market was exactly the same as for 2016. Homes sold, that is those that went under contract and were reported sold to the Edmonton MLS® system, were taking only 52 days to sell.
Buyers were quite successful in negotiating meaningful discounts in May 2017.
Typically, home sellers received 1% LESS than they would have a year ago. This represents an average price drop of around $4500. The average home price in Edmonton for May 2017 was $383,211. This includes all types of homes, for example, single family, condos and mobile homes.
In May 2017, 69 fewer homes sold than last year.
This number alone should not be a worry, but when combined with the backdrop of increasing inventory, buyers are going to negotiate harder and sellers need to be prepared to change their expectations.
Inventory levels climbed in May 2017.
There were 6188 homes for sale on the Edmonton MLS® system at the end of May 2017, compared to only 5744 in 2016.
This could be because more potential sellers have entered the market and started to feel good about their chances of success and because new home builders are ramping up supply. However, with sales staying down, the impact can only mean lower prices at least in the short term.
Home buyers may have the upper hand at this time. Home sellers may need to adjust their expectations, if they are going to be successful.
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.
Lowest Fees & Best Results,
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.