Confidence seems to be growing once again in the Edmonton home sales market. Sales are UP and inventory levels are DOWN.
In March 2017, there were 43 more homes sold than in the year before. The underlying story is inventory levels. Supply is coming down. Based on demand there is now only 4 months’ supply compared to 5 months in February and 7 months in January. This is a rapid tightening up and it will be interesting to see how this effects prices. We are certainly starting to see more and more multiple offer situations.
Days on Market
Don’t let the angle of the line fool you. This represents just 3 days. That is, it took on average 53 days to sell a house in March 2017, compared to the same month last year. Sellers should feel encouraged by this.
Sales prices are essentially level. Prices slipped by less than $500 over the same period last year. We are not alarmed by this and neither should you be.
As inventory levels come down, home sellers can be sure that their home will receive lots of attention if its marketed correctly. They should also expect the sales cycle to be short. Most homes are being purchased in less than 55 days.
Whilst buyers still have plenty of choice, they should not be complacent. The best homes are selling quickly and with multiple offers. Buyers should consider taking time off work and shopping during the day and in the week. This will help them to beat out other more casual home buyers who insist on evening and weekend shopping.
Want more information about our discounted flat fee home selling and purchase programs? Please feel free to call our broker owner Stuart Neal at: 780-760-2014.
Lower Fees & Better Results,
Flat Fee Realty Services from $4500
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 own due diligence and should not take action based on the information contained herein.