Second Quarter of 2019 Saw Single Family Homes Sell for a 3% Discount

Posted by Stuart Neal on Monday, July 22nd, 2019 at 8:48am.

Summary:

The market seems to be strengthening in favour of sellers. Discounts are less than 3 months ago. Sales volume is about the same as last year and inventory volume is down.

Numbers Sold:

In total, around 2700 single family homes sold in Edmonton during the second quarter of 2019. This compares favorably with last year when only around 2600 homes sold. Just over 100 MORE homes sold this year compared to last year. Confidence in the Edmonton market remains strong. 

Sales Values:

Sellers continue to be pushed for discounts by aggressive buyers. Single family homes sold on average for almost $13,000 LESS than in quarter 2 of last year. This amounts to a discount of about 3%. Compared to the first quarter where the discount was 6% this shows some strengthening in values once again.

Days on Market:

For the second quarter, most single-family homes sold in 54 days compared to 47 days last year. This difference is not significant. Buyers are simply taking their time. Days on market may decrease as inventory levels decrease and assuming that demand stays strong.

Month End Inventory

At the end of the second quarter we had around 300 LESS homes for sale than for the same time period in 2018. Less choice against the backdrop of strong demand, usually results in a faster market and rising prices.

 Outlook:

If you are buying, you should consider doing it soon. You will have some choice and you should be able to secure a discount. Be aware that sales values appear to be hardening so you should act soon or you will pay more.

If you are selling and then buying in the Edmonton area please don’t be too concerned. You may have to wait a bit longer to sell and perhaps offer a discount.

However, if you are going to buy in our market you will also have plenty of choice 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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