The market definitely faltered in October. Against the backdrop of a very strong September, this is surprising. However, based on years gone by, we do expect November and December to be excellent months for home sellers.
In October, it was home buyers that got the upper hand. Home buyers were able to push for noteworthy discounts. On average, home buyers paid $364,804 which is equal to 3% LESS than this time last year. It should be stressed that this pattern is not common. In general home values, particularly for single family homes, have remained robust throughout 2018.
Sales volume was also down. In October this year 813 homes were sold down by 196 units for October 2017. Was it weather related?
Days on Market:
This year homes were going under contract in 65 days compared to only 59 days last year. Perhaps home buyers were simply taking their time in home selection, as there has been plenty of choice in recent months.
Month End Inventory:
At the end of October, there was 6281 homes available for sale across Edmonton, up by 452 over last year, equal to an 8-month supply. It should be noted that excess inventory has been coming down steadily from a high of 1245 excess units in June.
Decreasing inventory numbers should continue, as unmotivated home sellers give up and remove their homes from the market until spring.
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, here is another interesting blog you should read: How to Select a REALTOR®.
To read our September Market Report please click on the link.
Buyers may continue to request discounts. Sellers will no doubt push-back and we expect home sellers will do well in the last 2 months of the year, particularly if they can offer a pre -Christmas move in day.
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.