In Edmonton right now:
- There are currently 2,170 active condo listings
- Average DOM (Days on Market) is 80 days with an average listing price of $270,004
- 303 listings sold last month with an average DOM of 68 days and an average sale price of $210,463 (listing price of $221,222)
- We have 7.16 months of inventory with buyers and sellers negotiating 95.1% sales to asking price
In Zone 12 (Downtown & Oliver)
- 331 active listing in Downtown with an average DOM of 84 days and listing price of $368,806
- 30 Homes sold last month with an average DOM of 48 days and Average selling price of $246,733 (listing price of $259,252)
- We have 11.03 months of inventory with buyers and sellers negotiating 94.9% sales to asking price
What we see:
Sales market for September slowed down significantly for the condo market in Edmonton. We see some buyers hesitant to make a decision while others stepping forward to make offers but face trouble during negotiations with Buyers and Seller's not coming together on price. Lack of sales is evident from the uncertainty of where the Edmonton market is going to instill confidence from home buyers as well as lack of urgency to make a decision with the higher days on market it takes a home to sell.
Sellers are frustrated with the realities of today's ongoing slump of the market with out any clear indication of improvement. Many have aggressively dropped their prices in hopes of attracting the right buyer and fearful of reaching past their comfort zone to get their home sold.
As many sellers Downtown also turn to the rental market as a potential to minimize their loss, they face an equally high level of competition with new buildings nearing completion to add to the inventory.
What we expect:
Honestly, very hard to tell right now. Those looking to buyer right now have all the power in their hands. They're qualified, patient, careful home buyers that are in the search. Research and understanding is key along with the expectancy to build in a buffer in their negotiated price in anticipation of the market going down. Sellers are holding firm in some markets being equally as patient for the right buyer to come and well hopes others competing units will be taken off the market towards the winter season making theirs stand out.
Our selling strategy has always been presenting the facts to our clients and outlining all options on the table before taking action. Staying ahead of the market by being competitive and vigilant of the choices help attribute to the success of our clients this month!