Sept. 10, 2018
Edmonton and Area - A Buyers Market
August is one of the slowest real estate months when it comes to home sales and purchases. This is largely due to summer coming to an end as families start moving their focus towards the start of a new school year.
Compared to July 2018, residential sales have decreased by 2.25% with the average sale price decreasing 1.38% to $364,925. Home sales have increased by 1.89% in comparison to August 2017, with the average sale price at this time being 2.30% lower. The amount of lisiting's decreased 4.51% compared to last month with the average number of days a single family home stayed on the market being 59 (seven days longer than July 2018). Condo sales have decreased since last month but are greater compared to this time last year. All of this information can be found on the Realtors Association of Edmonton website, with historical data archived to be used as a comparison.
There has been a slight decrease (insignificant) in the Edmonton and metropolitan real estate market compared to last year.
In Edmonton and the surrounding area, there is a large surplus of residential properties on the market. Seller's have to be open to the sale of their home taking a greater period of time with the negotiation process's favoring the buyer. This however is not the case for every home and all sellers should still be able to get a suitable price if they choose to sell. If a seller wants their home to sell quickly and at top dollar in this market, they better make sure their home shows well. Cleaning up personal belongings, tidying your home and consider staging go a long way. The first impression is by far the most important impression.
With it being a buyers market, individuals who have been interested in purchasing a home should now take the opportunity to shop around and pursue the best deals on the market. They should take advantage of this market and narrow their focus on the specific areas they have been wanting to buy in. While this is true for most areas of the city, not all neighbourhoods have decreased in sales and price to such extent. Neighbourhoods around the University of Alberta for example have stayed roughly at the same value.
Sellers must be more flexible when selling and buyers have the greatest opportunity to purchase real estate on their terms. If you ever have any questions about the information listed or need help in any way, i'm always available to help.
Chloe Pleckaitis RE/MAX River City