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Wednesday, September 9, 2015 - It's a buyers market!

Edmonton's real estate market is reflecting the dropping oil prices and the national recession according to the Realtors Association of Edmonton (RAE).

 

Fewer homes are being sold...

• August saw 19% less sales then July

• August 2015 sales down 5.6% over 2014

With condominiums taking the hardest hit...

•  August sales down 7.7% over 2014

So there are more homes on the market this year...

• August inventory up 35% over 2014

That are staying on the market for longer...

•  Homes taking almost a week longer to sell in August than in July 

• Average days on market up ~12% to 54 days 

Which means that the value of all sales in Edmonton is down...

• August values down 17.4% from July  

• Values down overall 2.9% over 2014   

 Despite the fact that the cost of each individual property is up...

• Property values up 1% over 2014  

• Average detached home now values at $440,000

Except condos...

• Condo values have declined 2.8% over 2014  

The only area that saw increased sales this year was duplexes / row housing...

• Townhome/Duplex sales increased 1.7% over 2014  

 

These numbers demonstrate why hiring a realtor to sell your house is a good investment. With buyers using more caution in and hesitating longer before making this investment, a realtor is better equipped to promote your home and answer any questions potential buyers may have. 

 

Join me back here on Friday as I discuss ways to invite autumn into your home. 

 

 

posted in General at Wed, 09 Sep 2015 20:45:53 -0600

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