The market took an interesting turn in September. Days on market was up, inventory levels are high and prices declined. Could this be a great time to buy?
Days on Market:
In September 2017 most home sellers put their homes under contract in 55 days, up one day from September 2016. Frankly given the elevated levels of inventory, we are not surprised that the market would slow a little. Buyers simply have more time to pick and choose their next home.
988 homes sold in Edmonton during the month of September 2017, compared to 1090 homes sold in 2016. Does this mean more people are holding off and renting instead? Current inventory is also high. At the end of September 2017 there was 6308 homes for sale across Edmonton compared to only 5492 in 2016. This equates to a 6-month supply.
The average sales price of a home in Edmonton during September 2017 was about $373,000 compared to around $381,000 in 2016. The represents a 2% DROP in values and should perhaps be anticipated against the higher levels of inventory.
In September, we finally saw the price correction that had been anticipated all summer, against the back drop of higher Inventory levels that we witnessed only a year ago.
However, the market will correct itself. Unmotivated and unrealistic home sellers will leave the market over the next few weeks and months.
And in most years, we see sales values INCREASE in October or November, as the ‘move in by Christmas’ crowd competes for a reduced supply of homes for sale with immediate possession.
For home buyers, this could be an exciting time to dip your toe in the water. If you are both selling and buying in the Edmonton area, of course value adjustments won’t matter.
You will sell for less money, but also negotiate a nice discount off your next home too.
Want more information about our discounted flat fee home selling and purchase programs? Please feel free to call our broker owner Stuart Neal at: 780-760-2014.
Lowest Fees & Best Results, Flat Fee Realty Services from $4500
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 own due diligence and should not take action based on the information contained herein.