October Market Update: Balanced Supply, Stable Prices

Consistency is the name of the game when it comes to Edmonton’s real estate market in October. 

A single family home in the Edmonton Census Metropolitan Area (CMA) sold for an average of $423,755, which is down 1.8% year-over-year (y/y). Condo prices were up slightly by 0.5% y/y at $245,698. All residential property prices remained mostly unchanged, down 0.6% from October, 2015. 

“The housing market in Edmonton continues to experience relative stability, with increased sales and steady prices year-over-year for October,” said Steve Sedgwick, Chair of the REALTORS® Association of Edmonton. “We typically see the market slow during the colder months, so it is encouraging to see us moving into late fall with strong numbers.” 

“We’re seeing buyers who are confident in the future of the Alberta economy, and we are heading towards a solid finish to 2016,” continues Sedgwick. 

The average days on market increased across the board, which is typical for this time of year. A total of 1,265 units sold in October, taking 61 days to sell on average. Single family detached homes sold in an average of 57 days, while condos took an average of 65 days to sell. 

October saw a total of 2,147 new listings, which is down from 2,272 the year before. When compared to October, 2015, this year’s numbers indicate balance in the market.

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