Despite global economic unrest and uncertainty in other North American housing markets, Edmonton and area seems to be maintaining an even keel according to figures released by the REALTORS® Association of Edmonton. October residential resale figures were lower than last October but within the normal range for this time of year. Overall prices were down but single family residences gained slightly in price.
Sales typically slow in the fourth quarter and this year is no exception. Stronger sales in the third quarter may have reduced demand in October but we are still busy assisting buyers and sellers with their transactions.
The average* price of a single family residence was up one third of a percent (0.33%) over September at $363,274. Condominium sales took the biggest single month drop this year resulting in condo prices down by 5.8% with an average price of $237,590 during October. Duplex and rowhouses sold on average for $307,178, which was down 2.7% from September. The average residential sales price (including all types of residential property) was $317,784; dragged down by the lower condo prices.
Listings were still strong in October although the inventory of homes available on the MLS® continued to reduce toward the normal levels. There were 3,116 homes listed during the month with 1,251 sold for a sales-to-listing ratio of 40% (55% in September). At the end of the month there were 8,525 homes available – down from 8,808 last month. The average days on market also dropped from 61 to 58 days in October.
Total residential sales for the year are now $5.3 billion with total MLS® sales (including commercial and rural sales) over $6 billion. The business community remains confident in the Edmonton market as demonstrated by 150 industrial, commercial and investment sales and agribusiness sales during October.