Edmonton Home Sales Prices 1% UP in May 2016

Posted by Ambergate Realty Advisors on Wednesday, June 1st, 2016 at 10:12am.

 

Summary:

If you have been holding back from selling your home in the belief that the market has crashed, rejoice. The Edmonton market so far this year has been more robust than most experts had predicted.

If you are wanting to buy, then this could be the time to do it. The longer you wait the more you will pay based on the market's performance so far this year.

Sales Values

The average sales price of a home sold in May 2016 across Edmonton increased by around 1% over this time last year for an average sales price of $388,843.

Numbers Sold:

Approximately 74 fewer homes Edmonton homes sold in May 2016 compared to May of last year. We consider this to be insignificant. 

Days on Market

It took only 7 days longer for Edmonton home sellers to find a buyer in May of this year compared to last year. Homes sold in only 52 days on average.

Outlook:

Home sellers should feel encouraged by this news.

Home buyers certainly have more choice than last year, and this possibly accounts for the extra 7 days required to find a buyer in May 2016.

Will this pattern continue? We don’t know. The Canadian dollar is holding up well on the international market and oil prices are slowly going up.

We have a feeling that the market will continue to move along nicely in 2016, especially in the middle price points, as for most people home ownership is not considered a discretionary purchase, but rather a necessity.

Want more information about our discount and 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 on Jun/01/2016. 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. 

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