Are we in a buyers’ market or a sellers’ market? In my view we are in a balanced market especially when we look at how many homes sold and the prices they sold for. Read below for the details.
Don’t let the graph fool you. Sellers gave up only 1% in value when compared to home sellers last year. Homes sold in Edmonton for only $3,700 LESS (approx.) than last year. This is so insignificant potential home sellers should proceed confident that they can sell for a good price.
In August 2018 a total of 1087 homes sold. In August 2017 there was 1149 sold. The difference? 62 units. In my view this is not significant.
Days on Market:
Days on market jumped by 8 days that is homes sold in 62 days rather than 54 days in August last year. Why did this happen? We had such awful weather perhaps home buyers not so enthusiastic? We also have a lot of inventory (see below) and perhaps they felt that they could take more time.
Month End Inventory
At the end of August there was just over 750 MORE units for sale when compared to August last year. This equates to a 7-month supply. That is if no one else listed a home for sale it would take 7 months to sell out.
However, the excess inventory has been coming down for the last 2 months down from a high of 1245 excess units in June.
This pattern will further slide as unmotivated home sellers start to give up as we approach the last 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 July 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.
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.