More buyers purchased a home in April of 2016, than in April 2015. Days on market stayed relatively low and values are so far not following the path of depreciation some suggested back in January of 2016.
Sales volume for April 2016 essentially matched for April 2015. One more home sold this year than last, a clear indication that ‘life goes on’ in the world of residential real estate, despite the current downturn in the economy.
Days on Market
Edmonton home buyers were continuing to take their time to select a new home. In April, home buyers were taking 9 days longer than last year to purchase. This is 3 days longer than March 2016, so it may point to a slowing market. However with average days on market at only 53 days, the market place is still very healthy.
Edmonton home prices dropped by 1% in April 2016 and remain about 2% UP on January 2016. So far we seem to be avoiding the 3% drop in values that economists were predicting at the start of the year. However, as we reach peak inventory in May and June, this picture may change. See this link for details: January Home Sales Report.
We expect that sales volumes will grow as we move through the year.
However, we question if prices will continue to appreciate. We are now entering the ‘Spring Rush’ as the majority of home sellers in Edmonton put their homes up for sale. If supply exceeds demand, then a softening of values could be the next development.
Want more information about our discount and flat fee home selling and purchase programs? Please feel free to call our broker owner Stuart Neal at: 780-760-2014.
All information was extracted from the Edmonton MLS System on May 5, 2016. 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 own due diligence and should not take action based on the information contained herein.