In Edmonton right now:
- There are currently 1741 active condo listings
- Average DOM (Days on Market) is 91 days with an average listing price of $265,041
- 151 listings sold last month with an average DOM of 81 days and an average sale price of $206,689 (listing price of $217,594)
- We are at 11.53 months of inventory with negotiating 95% sales to asking price.
In Zone 12 (Downtown & Oliver)
- 197 active listing in Downtown with an average DOM of 95 days and listing price of $413,291
- Only 21 sold last month with an average DOM of 113 days and Average selling price of $$276,848
- (listing price of $296,890)
- We have 9.38 mths of inventory and 93% sales to asking price.
What we see:
- Sales have continued to slow down in both Edmonton and Downtown are due to the winter market and holiday season
- Prices have been trending down since May as prices year over year is down about 3-7% (depending on your home)
- Inventory levels dropped as 2018 ends and many listing contracts that started in the mid summer/late fall expires
What we expect:
- Buyers that are considering about buying this year is slowly starting to look. Drawn by the drop in market prices and likelihood of increased activity in the upcoming spring market, smart buyers may brave the cold to see what deals are out there before others jump into the market
- Sellers having trouble selling last year might consider early re entry into the market as many listings expired at the year end of 2018. While listing now might be slow, they may stand a competitive advantage with slightly less listings on the market while others wait for spring
- Slower market means looking at every opportunity to sell and staying competitive with price and features of your home. Not the best time to sell doesn't mean homes aren't selling, if you are thinking about selling, a 2nd or 3rd opinion might help give you a better picture what needs to be done to get your home noticed and sold!