Although sales volume was ever so slightly down in May compared to the same month last year, buyers purchased more quickly and paid a little more than they did last year. Read the details by scrolling through the report.
Against the backdrop of very high inventory levels, home sellers did well in May. On average we saw home values across Edmonton increase by almost $2300. However, allowing for inflation, this is still a relative flat increase. It should also be noted that this increase was carried by single family sales. The condo market is currently over served and asking prices are being challenged.
Days on Market:
Days on market was also a pleasant surprise. Home buyers will most often take their time when inventory levels are high. However, in May homes sold in only 49 days, which is 3 days FASTER than in May 2017.
1279 homes sold in May 2018 down by only 26 units sold in 2017. Because the metro Edmonton market is so large, there will always be activity particularly in the low to medium price points.
Month End Inventory
Compared to the end of May 2017 there was 1098 MORE listings for sale this year. This equates to a 6-month supply.
To balance a market a 3 or 4 months’ supply of homes for sale is best as this keeps values stable. Buyers will continue to challenge asking prices whilst they have so much choice.
Perhaps if government is successful in moving forward with the oil pipeline then greater confidence will return to the Edmonton market. However, the effect of the tariffs on trade with the United States has yet to be understood, or felt.
The ongoing high inventory levels will continue to be a concern.
You can follow the moods of the market by comparing our monthly market reports. Here is a link to the April Report.
If you are selling here is another interesting blog you should read: How to Select a REALTOR®
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.