As we reach the peak of our market, home sellers are witnessing success in a reasonably short time period. Average days on market was just 53 days in June. However, sales values are aggressively being challenged and buyers can now pick up some significant bargains, if they know how to approach the market. Read the details by scrolling through the report.
Days on Market:
Homes continued to sell in a reasonably short period of time. On average home sellers were under contract in 53 days up by 3 days in June 2017. If your home has been on the market for a lengthy period it might be time to make some changes to your positioning.
Month End Inventory
This part of the story continues to grow. We have witnessed a steady increase in available listings, month over month since January.
When compared to June 2017, there was 1245 MORE listings for sale this year, up from an excess of only 421 listings in January. This equates to a 6-month supply.
To balance a market a 3 or 4 months’ supply of homes for sale is best as this keeps values stable. Buyers will continue to aggressively challenge asking prices whilst they have so much choice.
1262 homes sold in June 2018 down by a 144 units when compared to June 2017. This may be significant. Are buyers starting to second guess themselves? Has confidence in home ownership shifted?
So far this year, sales values have remained flat. However, we saw a significant and not entirely surprising correction in June. Higher than normal inventory levels appear to have shifted the leverage in favour of buyers. Home buyers were able to negotiate significant discounts in June 2018. When compared to June 2017. Homes sold for on average of $20,000 LESS this year.
This equates to a 5% downward revision in values.
If you are selling and buying in Edmonton, market conditions should be of only minor concern. You may have to sell for a discount, but you can then turn around and negotiate a hefty reduction for the home you purchase.
If you are home buyer this could be the perfect time to jump in. Supply of homes is up meaning you have plenty of choices and prices are down. Over the mid-term we do not expect this pattern to continue.
You can follow the moods of the market by comparing our monthly market reports. Here is a link to the May Report.
If you are selling, here is another interesting blog you should read: How to Select a REALTOR®
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.
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