January Homes Stats Show Opportunity for Home Buyers
by Stuart Neal
on Saturday, February 2nd, 2019 at 10:26am.
Compared to last January, this past month did not project well. Around 370 homes sold. However, they took longer to sell, realized lower values and excess inventory is up. However, this may not matter. Read our outlook for details.
On total just over 370 single family homes sold in Edmonton during January 2019. Unfortunately, this does not compare well with 2018 when almost 440 units sold.
Home buyers in January 2019 were able to press their advantage and secure significant discounts when compared to last year securing (on average) about an 11% discount. One month is not enough to indicate a longer-term trend. For example, for the whole of 2018 prices dropped by about 1% compared to 2017.
Days on Market:
As might be expected in a quieter market, home buyers showed confidence and took their time to select their home. Average days on market for January 2019 was 78 days compared to only 68 days in January last year.
Month End Inventory:
There were over 400 additional homes on the market at the end of January 2019 compared to the same time last year. If this continues that could pose a problem for sellers i.e. values will come under pressure. Conversely this also represents a great opportunity for buyers who may be able to negotiate a good discount.
If you are selling and then buying, none of this really matters. You may have to wait a bit longer to sell and perhaps receive less money, but you will also have plenty of choice when buying and should be able to secure a good discount.
If you are buying for the first time, then you should also consider doing it now. These conditions will change and over time prices will increase.
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.