In Edmonton right now:
- There are currently 2,315 active condo listings
- Average DOM (Days on Market) is 79 days with an average listing price of $265,045
- 337 listings sold last month with an average DOM of 68 days and an average sale price of $233,666 (listing price of $243,958)
- We have 6.86 months of inventory with buyers and sellers negotiating 95.8% sales to asking price
In Zone 12 (Downtown & Oliver)
- 346 active listing in Downtown with an average DOM of 78 days and listing price of $371,694
- 48 Homes sold last month with an average DOM of 48 days and Average selling price of $305,412 (listing price of $319,377)
- We have 7.2 months of inventory with buyers and sellers negotiating 95.6% sales to asking price
What we see:
Sales activity picked up heading into the last month of summer. Many buyers come from those who have been searching in the market all summer long. Biggest challenge have been buyers who have properties to sell having trouble selling throughout the summer. As sellers reduce prices to stay competitive, we see homes selling as buyers react to the price change creating a butterfly effect of further homes selling from Sellers turning into Buyers!
What we expect:
Traditionally, we do often see one last push for sales as the rush to beat the winter slow down. Our sales strategy for sellers are to stay competitive to others. Buyer's are looking for value, especially with choice, we want to create urgency and motivation for those on the fence! Buyers, see something you like? Don't be afraid to make the offer! Heading into October, new listings will start to slow down. Make sure to review the listing history, sales activity in the building and review the sales market data to determine where the market have trend during the higher market of 2014. It will help give an idea the marketability of the home and its opportunity to hold value with market activity changes.