In July, the Edmonton homes sales market continued to perform strongly. Values are holding. Days on market is down. However, inventory levels continue to climb. There is now a 6-month supply of homes for sale, based on current demand.
Days on Market
Homes for sale in Edmonton continued to sell quickly this past July. The average seller was putting their home under contract in only 51 days, down one day compared to 2016. This suggests ongoing and underlying confidence on the part of home buyers.
July prices remained stable. Edmonton home sellers in July received just $291 less than did those in 2017. The average sales price for July was $387,535 compared to $387,826. We would consider this to be a balanced market.
In Edmonton, 77 fewer homes sold in July 2017 compared to 2016. This stat alone is not too concerning. However, there are almost 900 more homes for sale this year, compared to last year. This equates to a 6-month supply of inventory based on current demand.
The housing market, like most markets, fluctuates based on supply and demand. So far values have held, sales volume is stable and days on market is healthy.
With higher inventory levels and impending interest rate increases, the outlook is unclear.
We may see a number of ‘mini rushes’ just prior to each interest rate increase. There is talk of an increase in September and possibly another one in October, according to some sources.
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.