For the first time in many months, more homes were sold in October of 2016, compared to the same month last year. Was this because of the impending mortgage rules tightening? Perhaps. Or it could point to an underlying confidence in the market.
13 MORE Edmonton homes sold in October when compared to last year. This is the first increase all year.
Days on Market
For the first time in perhaps almost a year, Days on Market is equal to the same month in 2015. For most of this year, it has taken around 5 days longer to sell. Does this point to an overall uptick in the market?
A small drop in values of less than 1% was a surprise. We have seen values stay flat or increase slightly for much of 2016. To keep this in perspective, we are looking at a value change of only $3200 approximately.
The change in mortgage lending rules does appear to have spurred the market in October. The rule change was designed to curb the lending ability of those with less than 20% down.
We should see demand for homes and condos priced at the lower end of the metro Edmonton market pick up and perhaps this will lead to a higher increase in prices in the lower market segments.
Conversely, the audience for homes priced above the average may shrink and sellers may have to moderate their expectations, or leave the market for a while.
Serious home sellers should stay engaged. We know that demand stays strong into November from buyers that want to move in before Christmas. In most years, values actually INCREASE.
For buyers, you have plenty of choice as there is currently a 5 month supply with nearly 5500 homes for sale across Edmonton. Many of these homes are available with immediate possession. Would you like to be home for Christmas?
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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Superior Realty Services from $1999All 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.