by Stuart Neal
on Sunday, December 2nd, 2018 at 2:33pm.
If you are ready to buy a home this could be the time to jump into the market. Prices have remained low this last 2 months. We don’t expect this trend to continue.
Home buyers continued to push their advantage in November. Home buyers were able to secure deep discounts compared to this time last year. On average, home buyers paid $369,336 equivalent to a 4% discount over last year, although it should be noted that buyers paid premium prices in November 2017, to beat the lending rule changes coming into effect January 2018.
750 buyers purchased homes in November 2018 down by 155 units last year. This suggests that despite the outstanding deals to be had, many buyers are sitting on their hands and this could be a mistake.
Days on Market:
As might be expected in a more quiet market, home buyers took their time to select their home. Average days on market was 70 days, compared to 64 days last year.
Month End Inventory:
At the end of November 2018, there was 5776 homes available, an increase of 486 homes for sale at the end of November 2017. Equal to an 8-month supply, readers should note that excess inventory is way down from the summer, when the excess was over 1200 units.
We expect decreasing inventory numbers, as unmotivated home sellers give up until next year.
If you have been hesitating to buy a home it’s time to act. We have not seen discounts like this in Edmonton for some time and this window of opportunity will not continue. As inventory levels come down and as we move in the Spring selling season, home sales values will go UP.
Why not buy now and enjoy a discount?
For home sellers all is not lost. Strong demand for homes across Edmonton and surrounding areas remains. Home sellers will be successful if they follow the cues of the market. Your REALTOR® should be able to advise you. If you are selling soon, here is another interesting blog you may wish to read: How to Select a 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.