by Stuart Neal
on Wednesday, January 2nd, 2019 at 4:18pm.
December 2018 saw the Edmonton homes sales market slow but values held.
As home buyers competed for homes in December and against the backdrop of lower supply, sales values rallied. On average, home buyers paid about 3% MORE than did home buyers in December 2017. Average sales prices were just over $367,000 in 2018, compared to approximately $357,000 in 2017.
534 homes were sold in December down by 182 units sold in 2017. This suggests that despite the many very good deals on offer many buyers are sitting on their hands and waiting for a better time. This may be flawed thinking and they are likely to pay the same or more for homes in the mid to long term.
Days on Market:
As might be expected in a more quiet market, home buyers took their time to select their home. Average days on market was 72 days, compared to only 69 days last year.
Month End Inventory
At the end of December 2018, there was 5203 homes available, an increase of 495 homes for sale at the end of December 2017. This is equal to a 10 month supply. Readers should note that excess inventory is way down from the summer, when the excess was over 1200 units.
We expect decreasing inventory numbers, as unmotivated home sellers give up until the Spring of 2019.
If you have been hesitating to buy a home it’s time to act. As inventory levels come down and as we move in the Spring selling season, home sales values will go UP. Why not buy now and enjoy a discount?
For home sellers all is not lost. Strong demand for homes across Edmonton and surrounding areas remains. Home sellers will be successful if they follow the cues of the market. Your REALTOR® should be able to advise you. If you are selling soon, here is another interesting blog you may wish to read: How to Select a 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.