With the exception of January, the Edmonton home and condo resale market has defied predictions of the analysts, whom back in late January were suggesting value drops across Edmonton of between 2.4% and 3% by the year’s end. However, June has seen some slowing down when compared to the same period last year.
Days on Market
It’s taking 50 days to sell a home in Edmonton this year compared to only 45 days last year. However, when compared to many markets across Canada, this is still an excellent statistic.
Whilst values climbed in May compared to last year, Edmonton home buyers were able to negotiate about a .3% discount for purchases made in June this year, compared to June 2015.
The average price across Edmonton this year, (single family and condos) was $382,005 compared to $383,261 a drop of around $1250 per home sold.
Approximately 257 fewer homes Edmonton homes sold in June 2016 compared to June of last year. In May the drop was only 74 fewer homes sold.
Could June mark a downward turn in values for the Edmonton resale home market? Frankly it’s too soon to tell.
We are experiencing strong demand for our listings and in many cases we can generate multiple offers without too much difficulty.
That said there is definitely some tension in the market.
We often see buyers make very low offers in the belief that they hold all the cards and at the same time our selling clients continue to hold out for values are perhaps too optimistic.
No doubt the next few months will prove interesting as inventory levels remain high.
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 in early July 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.