As has been the trend this year, the market is remaining strong well into the usual cooling off period of sales. The autumn season tends to slow transactions but a look at year-over-year residential average sales figures are still showing an 8.5% increase from the fall months of 2013.
There has been a slight dip from the exceptionally strong summer numbers that had carried well into September. This decrease can be seen in the sale quantities and prices of single family dwellings, which showed a 2.3% decrease in average sale price from $436, 870 to $426, 848. Additionally the the number of single family homes sold dropped by about 12% over the month.
Market sales remain strong into the fall in Edmonton. Photo Credit: Edmonton Journal
Due to historic trends of decreasing prices in the fall, these stronger numbers are not necessarily meeting consumer expectations for affordable homes. REALTORS® Association of Edmonton president Greg Steele explains some issues with supply and demand these coming months:
“We have seen a lot of action this year in houses under $400,000. People may need to adjust their expectations when looking at houses in this range. There is a big demand for properties at this price point and with a light inventory, you may need to wait a bit longer to find the right house for you.”
Interestingly enough, there is a another face to the consumer market, those creating a stronger than usual demand for homes above the million dollar price point. Around 2% of sales this September fell in that exceptionally high bracket, and while this number may seem small, it has veritably skyrocketed since this time last year when those homes made up only one quarter of 1% of sales.
For buyers looking for more affordable options, the coming months prove promising. On average condos remain practically priced, averaging about $260, 491 per sale, filling an important gap in a market for investors and first time home buyers with less to spend. Condo prices increased just less than 10% from this time last year, and in the face of autumn predications, have actually increased 2.6% in month-over-month analyses.
Buyers of all interests and price ranges can remain positive as there are certainly no shortages of properties on the market, creating a myriad of buying options. 2049 residential properties were listed in October; a significant increase when contrasted with the 1668 homes sold at this time last year. Of those 2049 listed, a whopping 1525 have already been reported sold.
It is apparent the strong market Edmonton has been experiencing will hold into the winter months. If you are interested in selling your property, or receiving information on available properties for sale, CLICK HERE.
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