We are in the middle of an EXTREME Buyers Market here in the Edmonton Area.
A Month to Month increase in sales of 23.4% and year to year decrease of 12.94%. Depending on whom you go to for your statistics and predictions about the economy and the housing market, one thing is for certain, ALL of Canada has cooled. Last month I predicted that there wouldn’t be any rate increases with the bank of Canada and I was right, they’ve decided to hold steady due to an economic stall in the marketplace. Furthermore, it looks like the Minister of Finance might just allow mortgages to be amortized over a 30 year period, just like lit was 10 years ago. that will definitely help open the local market back up… I’ll keep you posted.
Duplexes, Condos, Townhouses have all taken a hit, and we are watching single family dwellings take the same course – downward.
Single Family – $1,699,900
Condos – $999,000
Duplex/Rowhouse – $650,000
Single Family: 70 Days, up 12 days from last year
Condos: 76 Days, up 2 days from last year
Duplex/Rowhouse: 80 Days, up 18 days from last year.
2,427 new listings for a total of 7,422 listings on market, an increase year over year of 4.31% and 4.89% more than last month.
986 sales – which shows 7.53 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 13% chance of selling your home in todays’ market.
1,783 Year to Date Sales, for a year over year decrease of -12.94%
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.