Summary:

Despite the back drop of higher inventory levels compared to March 2017, home sales values remained stable. However, unit sales were down marginally and days on market jumped by 2 days. Read the details by scrolling through the report.

Sales Values:

During March 2018 homes were selling for almost as much as last year. This year on average home sellers received around $650 MORE than in 2017.

Month End Inventory

Compared to the end of March 2017 there was 764 MORE listings for sale this year. This equates to a 6 month supply.

In most circumstances we hope for a 3 or 4 months’ supply of homes for sale to maintain some rigor in the market.

Numbers Sold:

In total, 152 FEWER homes sold in March 2018 compared to…

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Summary:

After we saw sales values drop in January, they rallied nicely in February. This speaks to underlying confidence that home buyers have in the Edmonton market. We all have to live somewhere and renting is not a long term option for most.

Sales Values: 

Home sellers witnessed some uplift in January.

Sales values were on average $371,698, an impressive $7,300 UP on February 2017.

Month End Inventory

Compared to the end of February 2017 there was 480 MORE listings for sale this year. This equates to a 6 month supply.

Normally an extremely high supply currently a 3 or 4 months’ supply of homes for sale is preferred to keep the market vigorous.

Numbers Sold:

The actual number of sales dropped by 76 units. In…

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If you want to sell your home, it’s crucial that you make the necessary preparations even before you meet your REALTOR®.

Follow these steps and provided you make a good choice in selecting a REALTOR®, (see this link for hints on REALTOR® selection) you will be well on your way to success.

1. Tidy up, pre-pack & throw stuff away

If you have lived in your home for any length of time, chances are that you have accumulated far too much stuff. Those souvenirs that we buy on vacation, Christmas and birthday gifts from years gone by, extra furniture now redundant, unused DVD or CD collections, books, tools, towels, clothes, sports equipment. You get the picture?

In every room, start at the lowest horizontal surface and work your way up. Not only will…

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Summary:

Home buyers jumped into the market with enthusiasm this year. There were more homes purchased in January 2018 than in January 2017. However, values did soften and buyers have been taking their time to make selections.  It took 11 day longer to find a buyer this year, than in 2017.

Numbers Sold:



There were 71 MORE homes sold in January 2018 compared to the same month last year and this is good news indeed. The total number of condos and single-family homes sold was 667.

Month End Inventory

Compared to the end of January 2017 there was 421 MORE listings for sale year. The equates to a 7 month supply. In general, a 3 or 4 months’ supply of homes for sale is preferred to keep the market vigorous.

Days on Market:

Not…

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Summary:

Perhaps spurred on by the impending changes to lending rules in Canada effective January 1st, 2018 homes sales volume picked up nicely in December. However, sales prices experienced a correction and days on the market increased.

Numbers Sold:

In December 2017 there were 107 MORE homes sold than in December 2016. That is 716 homes sold in 2017, compared to only 609 homes sold in 2016. Encouraging.

However, month-end inventory levels went up to 4708 homes for sale compared to only 3815 homes sale in December 2016. This represents an increase of 893 homes or 7 months supply.

Days on Market:

Homes went under contract in 69 days this December to 66 days in December 2016. This could be significant when the higher levels of…

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Summary:

Home buyers continued to demonstrate their believe in the Edmonton housing market by paying more and by purchasing in larger numbers.

Sales Values:

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.

Numbers Sold:

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…

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Don’t fall into the trap of complacency

At this time of the year, hundreds of home sellers witness outstanding success and sell for full market value.

 Between mid December 2016 and mid January 2017 over 600 homes sold in the Edmonton market taking around 60 days to sell. Click on this link to see the detail Edmonton Market Report.

Here’s why you could do well:

  1. Reduced competition. Many sellers just give up until Spring. Buyers who are looking at this time of the year are serious. They might pay you a premium price, if they can move in quickly.
  2. Home values often go up. Based on last year’s statistics house prices in the metro Edmonton area increased just before Christmas.
  3. Many Edmonton area workers get bonuses at Christmas. Why…

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If you are going to put your home up for sale, you are likely wondering how much its worth. What you might not realize is that the price you eventually sell for will be a direct result of the choices you make in 7 other areas.

Let’s discuss each of them one by one:

Your Timing

How quickly can you move out?

Based on years of experience I have noticed that the best qualified buyers are almost always in a hurry. The best buyers are ‘between’ homes and anxious. The quicker you can help deliver them from this state the more attractive your home will be.

And just in case you were worried that offering immediate possession could make you homeless please don’t worry. In most cases, it takes a few weeks to find a buyer and a few more weeks to close…

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Summary:

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.

Sales Values:

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.

Numbers Sold:

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I’m originally from the United Kingdom where real estate sales commissions have always been lower than those that we find here in Canada.

Why?

REALTORS® have historically provided higher levels of service in our Edmonton market than estate agents back in the UK and in Europe generally. However, most home buyers purchase directly through the seller’s agent. Whilst our market favors buyer agents, meaning there are 2 agents to pay, commissions will likely remain higher.

On a global level, commissions are trending down. According to one study I found by Natalya Delcoure & Norm G. Miller there are only 2 markets where commission have gone up, i.e. Hong Kong and Japan where buyer brokerage has been introduced.

Here some examples of typical…

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