We are in an EXTREME Buyers Market here in the Edmonton Area. A Month to Month decrease in sales of 6% and year to year decrease of 6% as well… Depending on whom you go to for your statistics and prediction about the economy and the housing market, one thing is for certain, ALL of Canada has cooled. Sales haven’t been this slow in Calgary since 1996. Sales haven’t been this slow in Toronto or Edmonton in the last 10 years. Some are calling for rate increases two or three times this year, and others, whom I agree with, predict an increase if any in the last quarter.
Duplexes, Condos, Townhouses have all taken a hit, and we are going to start to see single family dwellings take the same course – downward.
Decrease year over year by -6.24% and down -6.08% from last month.
Residential single family dwellings with an average selling price of $404,275 have decreased-5.52% from last year and decreased -5.52% from last month.
Condo dwellings, continuing on a downward trend, and it has been a very long downward trend, dropping -4.90% from last year to $218,680 and increased 6.18% from last month.
Rowhouses and Duplexes are sitting at an average of $322,052 a decrease of -7.51% from last year and down -6.85% from last month.
Single Family – $950,000
Condos – $660,000
Duplex/Rowhouse – $775,000
Single Family: 79 Days, up 12 days from last year
Condos: 93 Days, up 2 days from last year
Duplex/Rowhouse: 90 Days, up 20 days from last year.
2,572 new listings for a total of 7,092 listings on market, an increase year over year of 9.31% and 6.10% more than last month.
799 sales – which shows 8.87 Months of inventory on market, definitely a buyers market. An EXTREME buyers market. This stat is also known as Market Absorption Rate. You have a 11% chance of selling your home in todays’ market.
799 Year to Date Sales, for a year over year decrease of -15.00%
Price your homes ,right. It still matters and your first 10 days on market is the most important time to your sale. Don’t chance chasing the market in a downwards trend.