Purrfect Properties Blog

As Summer slows and cools down, are your home prices losing value?

Hi Folks,

The last few weeks of summer are upon us and I hope you’re getting out there and enjoying the last long days of summer. Alongside the flip-flops of summer, late summer in Edmonton bounces back and forth between a balanced and buyers market.  At 3.99 Months of inventory, we’ve just tipped back into that buyers market. If you are moving, or thinking about it, have a look at the latest Edmonton Market trends below.

Inventory: July finished with a strong amount of inventory. We are just a few dozen listings short of the same number of properties being listed this month as last.  Yet, there is 14.9% more inventory in Edmonton this year than last.

Total number of homes available to buy in Edmonton: 7,266                       Total sales for last month: 1,812.

Days on Market: We’re starting a slow down of the summer market with just a few less properties coming available for sale.  3,123 New listings for July in Edmonton, with only 2,718 listings added this time last year.  So with just tiny little changes in the number of listings from month to month, we see very little change in Average days on market, the average being 50 Days on Market, here in Edmonton, up from 49 dom’s the previous month and 46 dom’s the previous year.

Odds of Selling: This year is a game changer for the city.  We have had a record number of listings come on the market, but those sellers, turn around and within 30, 60 or 90 days, they buy everything right back up again.  Your chances have dropped just a wee bit.  You basically have a 1 in 4 chance of selling your home in the next 30 days. In fact, you have a 25.08% chance of selling, especially if you are already listed for sale. lol. Worse than last year. Worse than last month.

Average Selling Price: Condo: $256,708 Townhouse: $356,237 Single Family Dwelling: $436,948 and the average selling price across the City of Edmonton is $372,910.

Home sales by Price Range: The highest percentage of properties are selling in the $300,000-$399,999 price range at 33.57%. Second position goes to the $400,000-$499,999 price range at 21.62%.  Third place is the $200,000-$299,999 and 19.90%. These haven’t changed very much from month to month as this works in with Edmonton average earnings per family.

TOTAL NUMBER OF HOMES SOLD YEAR TO DATE IN EDMONTON 10,925

Prices have not gone down in Edmonton since 2011, when we saw a decrease of 1.41%. Prices are up by 2.10% this year.

If you, your firends or family are thinking of moving, please keep me in mind, your referral is the best compliment I can recieve.

780 916 9739  … Now that’s the Cats’ Meow.

Edmonton-Real-Estate-Market-Report-July-2015

Comments

comments

Tags: , , , , ,