First Quarter of 2019 Saw Single Family Homes Sell for a 6% Discount
by Stuart Neal
on Friday, May 3rd, 2019 at 12:05pm.
The number of homes sold this year was about the same as in the first quarter 2018. However, most homes were selling at a discount. Do we see light at the end of the tunnel? If inventory levels tighten up, yes we do.
In total, 1514 single family homes sold in Edmonton during the first quarter of 2019. This compares favorably with last year when 1674 homes sold. A difference of only 160 homes sold. This proves the underlying demand for single family homes in Edmonton.
For the first quarter single family homes continued to trade at a discount when compared to last year. Most homes sold for about 6% LESS than last year, equal to an average discount of about $27,000.
Days on Market:
For the first quarter, most single-family homes sold in 62 days compared to 57 days last year. This difference is not significant and perhaps due to the abundant inventory, buyers are simply taking their time. This time period will decrease as we move into the main home selling season.
The days of excess inventory are behind us. At the end of March 2019 there was only 371 more homes for sale compared to last year. If this pattern continues then values will firm up as the season progresses.
If you are buying, you should consider doing it soon. You will enjoy plenty of choice and you should be able to secure a nice discount compared to this time last year. If inventory tightens up, then values will harden soon and you may pay more if you delay.
If you are selling and then buying in the Edmonton area please don’t be too concerned. You may have to wait a bit longer to sell and perhaps offer a discount.
However, if you are going to buy in our market you will also have plenty of choice and should be able to secure a good discount yourself.
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.