Home buyers continued to demonstrate their believe in the Edmonton housing market by paying more and by purchasing in larger numbers.
Prices jumped up in November 2017. Home sellers received almost $383,000 on average compared to around $379,000 in 2016. This equates to about a 1% increase or $3251 per home seller.
This is big news. 112 more homes sold this year compared to November 2016. Excess inventory also came down. In October there were 688 more homes for sale when compared to October 2016. In November excess went down to 448. Supply is still at 6 months.
Days on Market:
Homes went under contract in 64 days this November compared to 62 days in November 2016. This is not significant.
Perhaps spurred on by the impending changes to lending rules in Canada effective January 1st, 2018 homes sale prices picked up very well.
We anticipate that inventory levels will continue to come down and demand will strengthen as we move into 2018.
Selling your home over Christmas could be wise. Read this blog to find out more: 8 Reasons to Sell Your Home During the Christmas Season
About the author:
You can read more about the author of this blog by clicking this link – Stuart Neal Broker Owner & REALTOR®
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 due diligence and should not necessarily take action based on the information contained herein.