What time of year in Edmonton are home prices lowest?
What time of year in Edmonton are home prices lowest?It is an interesting question. The majority of home buyers prefer to buy a home in the spring with a summer possession. But, what are home prices doing at that time of year? One way to look at prices is to go back 5 years and calculate the average sale price for a single family detached home by month. A graph of the Edmonton average selling price for houses is below for 2010 to 2014 data:
The top 3 highest average selling price months for Edmonton are:
1) June at $406,956
2) May at $406,909
3) March at $405,400
So, as a seller March to June is often when you will receive the most money for your home, and conversely as a buyer you will be buying at a peak. A word of caution, in a down market where prices are falling it is often better to sell sooner rather than later regardless of the time of the year.
The 3 lowest average selling price months for Edmonton homes are:
1) February $392,689
2) October $392,322
3) January $383,303
So, as a buyer the first couple months of the year are on average the best time to buy. One of the drawbacks with buying this time of year is the lack of inventory. You may buy at a lower price, but there aren't many homes to pick from at this time of year.
The difference between the high and the low average home price in Edmonton is roughly 6% over the last 5 years. If you can be flexible with your home buying or selling timeframe, you may be able to time it right and save a bundle when buying (roughly $24,000). On the flip side you could maximize your home value when you sell. For more detailed average selling price stats on Edmonton broken down by neighbourhood visit Edmonton home selling prices To find out what your home is worth or if you need assistance finding a home contact me at Edmonton home prices