Third Quarter of 2019 Saw Single Family Homes Values Stay Firm

Posted by Stuart Neal on Friday, October 4th, 2019 at 5:17pm.

Summary:

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

Numbers Sold:

2304 single family homes sold in Edmonton during the third quarter of 2019. This is 18 more than last year and confirms the underlying demand for homes in Edmonton. 

Sales Values:

Buyers continue to have an advantage but on the whole home sellers did relatively well. Homes during the last quarter sold for only $3614 LESS than last year. Not great but hardly a disaster. This equates to about a 1% discount and when compared to the second quarter when homes sold for about a 3% discount, this suggests the market may be hardening.

 Days on Market:

Buyers took just 3 days longer to purchase a home this year when compared to last year. Hardly significant. Most single-family homes sold in less than 58 days. 

Month End Inventory:

Inventory continues to drop. At the end of the third quarter we had 241 fewer homes for sale than for the same time period in 2018. Should this pattern continue price rises will be inevitable.

Outlook:

If you are buying, you should consider looking over the older listings and those that offer quick possession if you want to be in by Christmas. You will have some choice and you should be able to secure a discount.

If you are selling and then buying in the Edmonton area please don’t be too concerned. There is strong demand for single family homes and prices are firm.

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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