The Edmonton home selling market continued to show its strength in July. We witnessed almost the same number of transactions as last year. Days on market was similar. Values have been challenged a little.
Days on Market:
In July home sellers were witnessing success in only 54 days, up 3 days from last year. Home sellers who are still on the market after about 60 days, should be asking their REALTOR® for advice, as there is something wrong with their positioning.
Month End Inventory:
Although month end inventory was 1020 units UP on the same time last year, this number has come down from June which was at 1245 unsold homes for sale.
We expect that this number will further slide as unmotivated home sellers start to give up as we approach September. However, it should be noted that based on current demand, there is a 7 month supply. We would normally like to see a 3 or 4 month supply to keep things balanced.
Home sellers should not assume that the market is dead. Far from it. There were 1125 sales in July 2018 down by only 58 transactions over July last year.
Against the backdrop of high inventory levels, home buyers continue to challenge home sellers on price. When compared to last year the average price paid for a home in Edmonton was $378,840 for all home types which is about 3% down on July 2017. However, when we break out Condos and Single family the picture looks a little different.
Single family homes are only 1% down on last year.
Condos are a full 7% down on last year.
If you are a home seller you will be successful provided you follow the cues of the market carefully. Your REALTOR® should be able to advise you. If you are selling, here is another interesting blog you should read: How to Select a REALTOR®
For buyers the best opportunities would appear to be in the condo market where values are down. Single family values are largely holding.
About the author:
You can read more about the author of this blog by clicking this link – Stuart Neal Broker Owner & REALTOR®
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.