For those ready to downsize this could be the ideal moment. The current home selling market is essentially a story of 2 halves. Single family homes are selling for MORE than homes sold last year. Condominium values are down. What a great time to cash out and buy a discounted condo. Read below for the detail.
On average, home sellers in Edmonton received about 1% or $5460 MORE than did home sellers in 2017. This growth is almost exclusively coming from the single-family segment. Unfortunately for condo sellers, values are 4% down on this time last year. If you are thinking about buying a condo could this be the time to jump into the market?
Don’t let the graph fool you. In August 2018 a total of 918 homes sold. In August 2017 there was 989 sold. The difference? 71 units. This is not significant and home sellers should proceed with optimism.
Days on Market:
This year homes were going under contract in 62 days compared to 55 days last year. This shows that buyers are taking their time in making decisions perhaps because there has been plenty of choice in recent months.
Month End Inventory
At the end of September there was 6755 homes listed for sale across Edmonton, up by 447 over last year and this equates to a 7-month supply. However, excess inventory has been coming down steadily from a high of 1245 excess units in June.
I expect this pattern will continue as unmotivated home sellers start to give up and remove their homes from the market during the 3 months of the year.
Home sellers will be successful provided you follow the cues of the market carefully. Your REALTOR® should be able to advise you. If you are selling, here is another interesting blog you should read: How to Select a REALTOR®.
To read our August Market Report please click on the link.
For buyers you should not expect a big discount especially if buying a single-family home. Condos represent the best opportunities as values are significantly down. I would suggest that this might be an excellent time for downsizers, that is people who are wanting to leave their single family home to cash out and consider buying a condominium in exchange for a big discount.
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.