How are home prices right now? Homes values in Edmonton and surrounding areas have dropped along with sale volumes in August. Typically, July and August are slow since most people go on holidays to enjoy the last of the summer. However, the fall market approaches which is the next busiest time for real estate here in Alberta, Canada,.
Average sold prices down 2.66%
Sold values decreased by 2.66% in the month of August compared to the previous month in July 2017. This is a common trend during the summer months, Typically, the peak is in May and June. Real estate tends to slow down during the summer months. The homes listed in the spring and the summer create more inventory and more competition between sellers. This drives sale prices down. It creates a great space for buyers to get great deals.
When is a good time to buy?
You want to buy when values are low and when you have the most options. When inventory of listings are high, sellers have the most competition between each other. This drives prices down as shown this year in July. Now that we're in September this number will increase heading into the winter. There will be those who want to sell before winter and those who still haven't sold since the summer. All of these listing combined will create a higher supply and a low demand.
How long does it take to sell right now?
All residential homes take 57 days to sell which is up from 2016. Single family homes take 51 days to sell. Condos take 68 days to sell and duplex 65 days to sell. We do experience homes that sell in much less time but your listing price has right on the mark along with a great show experience.
The next busiest season in real estate is the fall market! Oh, and winter is coming...
If you're planning to sell in the next 6 months now is the time to list your home. The next busiest period in real estate is middle of September to the middle of November. This is due to kids going back to school and people coming back from holidays. We typically see a lot of new buyers in the market and new listings. Most people do not want to move in the winter months so we get this last rush of real estate activity for the year.