Well, it looks like the rising inventory and lower number of sales have pushed the prices of homes and condos down in October. As sellers compete to have their properties sold in a reasonable time, the buyers are definitely in advantage position this year with more properties to choose from. Are we seeing a beginning of a decline in residential markets in Greater Edmonton Area? While TSX Composite index is down and hovering around 15,100 today compared to 16,100 a year ago, US economy is doing better than many predicted. I am an optimist and with all things considered, I think we may see a small correction or possibly flat market in the next few months to come.
The average price for a single family detached home in October of 2018 was $425,864 down by 1.36% from last month and down by 1.3% from October of 2017. The condo prices were down drastically by 8.16% at $221,293 from $240,953 last month.
Total of 1,155 residential properties have sold in the 10th month of 2018, 5.71% less than in October and 13.61% less than in same period last year. The inventory decreased to 8,363 residential properties available compared to 8,969 last months and 7,618 in October of 2017. Average Days-On-Market were same at 67.
All the information in this article has been provided by Realtors® Association of Edmonton!
Blog Author: Derek Hulewicz, REALTOR® at RE/MAX Select Edmonton phone: 780-220-4224