PAR ISN’T JUST FOR GOLF!
Apparently it is a good adjective for the Edmonton market for August 2016!
The City of Edmonton SFD (Single Family Dwellings) prices were down by ONLY .02% year over year for August! Homes are selling 3 days quicker on average. Condominium prices dropped 1.2% year over year taking 4 days longer to sell than last year. The overall inventory level is down 2% from July 2016 but up 9.4% from August 2015.
“Alberta’s economy has been under enormous pressure for some time, but the residential real estate market in the Edmonton Census Metropolitan Area continues to hold. Prices and unit sales for all residential homes are consistent with last year, down less than 1% and 2% respectively,” said Steve Sedgwick, Chair of the REALTORS® Association of Edmonton.
As for the month over month numbers, SFD prices were down 4% July over August, bouncing back to the same average as June 2016. Condos were down 2.7% on average reflecting prices back in early spring.
“While this is one of the most active times of the year, we are seeing both listings and sales tapering off as we move into the fall months. This is standard in our local real estate cycle,” said Sedgwick. “
Our inventory will last us 5.37 months if no other homes are listed. This is still a balanced market. The quantity of listings could favor buyers over sellers, but not dramatically.
So, if you are like me, and have not had many PARS in your golf game this summer. Take heart! The real estate market is on PAR!
In a balanced market with stable pricing, it is a good time to either buy or sell. If I can help you with a market valuation on your home OR a buyer’s qualification valuation, please give me a call.
