Summary:
The number of homes sold this year was about the same as last year. However, most homes were selling at a discount. Do we see light at the end of the tunnel? If inventory levels tighten up, yes we do.
Numbers Sold:
In total, 625 single family homes sold in Edmonton during March 2019. This compares favorably with March 2018 when 692 homes sold. A difference of only 67 homes sold. This proves the underlying demand for homes in Edmonton.
Month End Inventory:
The days of excess inventory are behind us. At the end of March 2019 there was only 371 more homes for sale compared to last year. If this pattern continues then values will harden at some point.
Days on Market:
In March 2019 most single-family homes sold in 58 days compared to only 48 days last year. Buyers are simply taking their time. This time period will decrease as we move into the main home selling season.
Sales Values:
In March 2019, single family homes continued to trade at a discount. Most homes sold in March 2019 sold for about 6% LESS than last year, equal to an average discount of about $26,000.
Outlook:
If you are buying, you should consider doing it soon. You will enjoy plenty of choice and you should be able to secure a nice discount compared to this time last year. If inventory tightens up then values will harden soon and you may pay more if you delay.
If you are selling and then buying in the Edmonton area market please don’t be too concerned. You may have to wait a bit longer to sell and perhaps offer a discount in the short term. However, you will also have plenty of choice when buying and should be able to secure a good discount yourself.
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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