What is happening in the Edmonton Real Estate Market, April 2016
Here is a quick little video that will show you what is happening in Edmonton's real estate market for the month of April 2016. Please enjoy the video and if you have any questions thoughts concerns either post on the YouTube page, call us or find us online at BTGroup.ca. Now lets talk about the Edmonton real estate market.Think of this first page as a speedometer that is giving you an idea as to the speed of Edmonton's market or the efficiency the homes are being sold. What we look at here is the number homes currently on the market vs how many sales that have happened and then assume that if there wasn't another home to come on the market, how long would it take at this current sales volume for the entire listing inventory to be sold.
You will see by this graphic that we are in a fairly strong buyer's market. About 5.36 months of inventory.
If you compare this to this time last year it is more than 25% higher then April 2015. Look at April 2015 it's sitting at a 4.2 months of inventory where if we fast forward to today April 2016 was 5.36 months of inventory.
In this next slide you will see that the average selling price in Edmonton has gone down compared to March 2016. It's down about half a percent. But if we look how we're doing compared to April 2015 we're actually up a quarter percent.
Now let's look at specific markets. The average single-family home is up only a quarter percent over last month sitting at almost 440000. Where the average selling price compared to this same time last year is up almost 1%.
We can see the apartment condo average selling price isn't performing as well. It's down almost one tenth of a percent compared to March 2016 sitting at just under two hundred fifty one thousand dollars. The condo Market is actually down a whole half percent compared to this time last year April 2015.
As we now move to the townhouse market,you will see the sold price has gone up almost half a percent up to $339,225 but the year-over-year has dropped almost 5% from $356,000.
This next graphic shows that although we have seen a small decrease in average selling price it is still stronger than the average selling price was 2014.
This is where the numbers start to get a little bit interesting. when we start to talk about new homes coming to market for March 2016 we had a little over 3,000 new listings on the market, we're up with 3258 new listings for the month of April 2016 that's an increase of almost 6% more homes. That number is actually down there compared to April 2015 where we saw 3302 homes on the market in April.
Where these numbers start to become concerning is in this graphic you'll see in April 2016 we had a total of 8033 homes on the market which is a considerable increase from April 2015 with a number of 6784 and this is a high that we haven't seen in this entire last year. When we factor in that sales are under 1500 home sold during the month of April we start to understand the pressure of this increased inventory and decrease sales is having on the market.
On this next slide we refer to it as odds of selling. It basically creates a percentage of homes sold versus the number listings on the market. We see your chances of selling in April 2016 are about 7% less than your chance of selling March 2016. It even gets more dramatic when we compare to this time last year. It's almost 25% decrease in your chance of selling your home.
The slide deals with average days on market days is very interesting because we see in March 2016 the average time on Market was 53 days. Where this April, it was only 40 days and if we look compared to last year the number of days on Market was 45. So as we review all the information we've covered we can see that the homeowners that understand that we are in a declining Market have set the price of their home to sell quickly. They understand that you have a very limited time to make that good first impression. by going fishing and praying to get a higher price is costing you both time and money.
This next graphic basically just let us know what segment of the market is seeing the greatest activity. We see that over 80% of the market is under $500,000 and less than 10% is over $700,000. Looking at this graphic what segment do you assume is taking the biggest hit in pricing.
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