In Edmonton right now:
- There are currently 2462 active condo listings
- Average DOM (Days on Market) is 75 days with an average listing price of $266,266
- 379 listings sold last month with an average DOM of 66 days and an average sale price of $232,215 (listing price of $241,309)
- We have 6.49 months of inventory with buyers and sellers negotiating 96.2% sales to asking price
In Zone 12 (Downtown & Oliver)
- 375 active listing in Downtown with an average DOM of 77 days and listing price of $354,122
- Only 43 sold last month with an average DOM of 61 days and Average selling price of $313,943 (listing price of $326,767)
- We have 8.72 months of inventory with buyers and sellers negotiating 96.1% sales to asking price
What we see:
- Sales for Downtown Condos have shown signs of market improvement at a slower, cautious pace.
- Buyer's are seeing good value in the market place. While they're taking a longer time to make their investment decision, we are seeing offers coming through at about 45-55 days on market where offers are coming in
- Showing activity is steady with our listings with a cautious approach to pricing where we are being diligent in being good value in the market place compare to other competitive listings that have been on the market longer
- While not every offer is coming together, being pre-qualified in today's market place puts a buyer in the driving seat in negotiations. That being said, studying the history of the listing, the competition in both active and solds and being knowledgeable in the building has helped us be aggressive in our negotiations and getting our clients great value in their purchase!
What we expect:
- Prices are stabilizing over the next months or so. Seeing how far it has dropped since 2014 and where we are at last year, we expect seeing a rush of buyers at the start of summer taking advantage of some of the great deals on the market.
- Sales activity have been steadily picking up for the last 30-40 days. There is a lot of buyers on the market place that is looking but having trouble deciding. It isn't a bad time to consider selling as homes are still taking up to 2 mths to complete, this would be the prime time to have it on the market if you do intend to sell this summer
- Patience and positivity goes a long way in offer negotiations for buyers and sellers. Be prepared offers will come in low but be even if it takes a bit longer, we are seeing cooperation between the 2 parties with diligent negotiations and patience from everyone!
- Prices will see a stability this year, we predict a push over the next few weeks as there is good value in the Downtown market place. New projects announcements show, Developers are moving ahead with anticipation of the market changing. Rental market in the Downtown core will help add alot of life in certain areas like the Quarters (Hat at the Five Corners) and 124 st (The MacLaren)