Inventory is Tighter But Discounts Are Still a Big Factor

Posted by Stuart Neal on Tuesday, April 2nd, 2019 at 10:46am.

Summary:

Inventory levels have stayed lower for 2 consecutive months. If this pattern continues, we should see a turnaround later this year.

Month End Inventory:

Over the last 2 years we have witnessed a large excess of inventory. This is no longer the case. At the end of March 2019 there were only 2150 condo units for sale across Edmonton compared to over 2500 last year.

Numbers Sold:

251 condos sold in March 2019 compared to 290 units last year, a difference of only 39 units. We don’t see this as significant.

Days on Market:

Condo buyers in March 2019 continued to act with confidence and contracted in 74 days compared to 70 days in March 2018. Again, we don’t this as significant.

Sales Values:

Discounted pricing is still a big factor. An average, condos are trading at discounts of about 11% compared to March 2018. this equates to a dollar value of almost $25,000 lower than last year.

Outlook:

Potential condo buyers should seriously consider getting into the market. There are bargains to be had for savvy buyers.

If you are a seller, there is still reason to be hopeful. Demand will be strong for the best units in the most sought-after buildings.

About the author:

You can read more about the author of this blog by clicking this link – Stuart Neal Broker Owner & REALTOR®

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.

 

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