By Daniel Starkman
(Edmonton) – After choosing the right Realtor “one that suits your needs best,” it is imperative in our current market, to have the right attitude with respect to the pricing of your property. Proper pricing during the first 2 to 3 weeks of the listing is paramount to achieving a sale in today’s competitive market.
I would like to share with you some statistical data which reflects our current market – as of June 2019:
The average median price of single-family dwellings was $394,500 which represents a decrease of 4.30% from June 2018.
The average median price of a condominium was $217,500 down 4.5% from the same period last year.
The average median price for duplex or row houses was $325,000 representing a decrease from June 2018 of 4.25%.
The Good News:
I am pleased to report an increase in sales in Edmonton of 11.5% for the month ending July 2019 as compared to July 2018. While sales rose it is interesting to note that the number of new residential listings dropped 10% from July of last year to July of this year. Consequently, the overall inventory in Edmonton dropped nearly 14% from July of last year to this year. All residential listings in Edmonton averaged 62 days on the market, year over year.
Even as inventories shrink, I am of the view that a proper sales price realistically reflecting current market conditions, especially during the first 2 weeks of the listing period, is the best way to achieve interest in property leading hopefully to a potential sale of that property.
Our resource-based economy impacts attitudes of consumers. In a tough competitive market, proper pricing of your property is the single most important element leading to an early sale. I remain optimistic that prices will continue to remain reasonably stable and that buyers will be encouraged to proceed with purchasing new properties as they see the high inventory levels beginning to shrink.
Wishful thinking will not lead to a sale. Proper pricing will. When dealing with a prospective Realtor, always request a current market analysis as a pre-condition to any listing. It is the market analysis which will assist you is establishing a realistic price.
I take this opportunity to wish you all a Shana Tova.