March Market Report - March 2018 Homes Sales Values Stay High Despite More Homes in the Market
by Stuart Neal
on Thursday, April 5th, 2018 at 9:43am.
Despite the back drop of higher inventory levels compared to March 2017, home sales values remained stable. However, unit sales were down marginally and days on market jumped by 2 days. Read the details by scrolling through the report.
During March 2018 homes were selling for almost as much as last year. This year on average home sellers received around $650 MORE than in 2017.
Month End Inventory
Compared to the end of March 2017 there was 764 MORE listings for sale this year. This equates to a 6 month supply.
In most circumstances we hope for a 3 or 4 months’ supply of homes for sale to maintain some rigor in the market.
In total, 152 FEWER homes sold in March 2018 compared to March last year. Should we be worried? We might be able to put this down to the colder weather. However, if demand drops off and inventory continues to climb, home sellers would be well advised to take advice from their REALTOR®.
Days on Market:
Average days on market increased by 2 days in March 2018. Taking into account the higher inventory levels this is a pleasant surprise.
Want more information about our value packed flat fee home selling programs?
Please feel free to call our broker-owner Stuart Neal at 780-760-2014.
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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.