Edmonton's Monthly Market Update, June 2016
What type of market is it? It still remains to be a buyer's market here in Edmonton. There is currently 4.6 months of housing inventory which is down compared to 5.4 months of inventory last month. This suggest that Edmonton's market is moving closer to a balance market but still remains to be a buyers market. A buyer's market means there is more supply of homes for sale then there is people who are buying.
Who can take advantage of todays market? Those who are buying their first home in Alberta, investors who are acquiring real estate in Edmonton, or people who are upgrading to a larger home (selling their current home and purchasing a larger home).
Single family detached homes were up 19.3% from April and up 3.8% year- over-year, with 1,119 selling in May across the Edmonton and surrounding areas. Duplexes and rowhouses increased 37.2% over April, and 23.03% over May 2015 with 203 homes sold in the month. Condo sales were up 5.3% month-over-month, but down 18.2% year-over-year. All- residential sales at 1,771 were up more than 18% from April and down less than 1% compared to May 2015. These numbers show that we still have a stable market even with the effects of the oil industry and migration of people heading back too their home province.
The average days to sell a home has be driven up by 14 days to 54 days on average compared to last month at 40 days. This suggest more competition in the market place between home owners who have their home listed for sale.
1771 residential homes have sold at the end of last month which is up 18% from April 2016 and a decrease of .73% compared to last year in 2015.
What's your home worth? If you would like to see what the true value of your home is worth in this market, I will personally give you a free report with the most accurate information. Here's a great search engine to find for your next home! http://www.findhomesedmonton.ca
RE/MAX River City