The June market proved to be extremely interesting. Days on market is down, Values are way UP. Inventory is UP. If demand continues, home sellers have little to worry about and buyers should be prepared to pay more. However, with inventory levels climbing, the picture could change dramatically over the next few months.
June presented us with a major surprise. Home sellers enjoyed a 5% uplift in values and received over $17,600 MORE than home sellers did in 2016. The average sales price was around $399,973 compared to only $382,326 in June 2016.
1323 homes sold across Edmonton in June 2017, which is only 85 homes LESS than in 2016. The bigger concern is the number of homes currently for sale. At the end of June, there were 6380 homes for sale across Edmonton which is 664 MORE than in 2016.
Days on Market
Homes sold in only 49 days compared to 50 days in 2016. Against the back drop of increased inventory, we must wonder if this can this continue?
The second half of the year will be very interesting. If inventory levels stay high, it’s difficult to see how values can be sustained. If interest rates increase as rumored, this may also have a negative effect on buyer optimism.
However, over the last year or so, home values have for the most part remained stable. Only time will tell.
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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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.