October 2017 proved to be a positive experience for home sellers across the Edmonton market. The market put its nose up. Sales values increased. Days on market is about the same and the inventory surplus is starting to come down.
The average sales price of a home in Edmonton in October 2017 was around $376,000 compared to approx. $372,000 in 2016. This means that home sales values were UP again by 1% over the same period last year or just over $4,000 on average.
Days on Market:
It took 58 days to put most homes under contract in October 2017 compared to 57 days in 2016. This is not significant in our view and speaks to the underlying strength of our market here in Edmonton.
Only 96 fewer homes sold in October 2017 compared to last year. Again, we don’t think that this is significant. However current inventory remains stubbornly high. It’s coming down, but there is currently 688 MORE homes for sale compared to the end of October 2017. This means it could take 6-months to run out of supply.
Perhaps spurred on by the impending changes to lending rules in Canada effective January 1st, 2018 the market in October picked up nicely.
We expect that inventory levels will continue to decline as halfhearted and unrealistic home sellers leave the market.
And we might see a second value spike in November or December. In November 2016 home buyers paid more than those that purchased in August or September.
It could be an opportune time to be a home seller provided you can offer a pre-Christmas move-in. Read our blog to learn more: 3 Reasons to Sell in November
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.