September 2018 Monthly Real Estate Report

October 4, 2018 5:28 pm Published by

What happened to our September weather? We didn’t have a spring and now it feels like we won’t get a fall! Let’s hope the forecasters are correct and we we’ll get a warmer than normal winter.

How was the Edmonton Area Real Estate market this September you ask? Simply put, the average selling price increased a bit for all but Condo’s and sales were less than normal. What I found the most interesting is that the number of new listings for the month declined by 17.41% compared to August and by 8.53% compared to September 2017. I’m thinking that Sellers are starting to hold firmer on their ask prices while some are not bothering to list at all. This trend will certainly help to reduce the overall inventory which is 7.35% higher from last year.

Scratching below the surface shows that the Single Family sales category was the most active with a slight decline of only 2.2% year over year. Sales however slowed considerably in the Condo and Duplex/Townhouse categories contributing to an overall residential sales decline of 8.24% compared to last year. Although that might appear grim for seller’s, the ratio of sales to new listings was 49% which is in the balanced market range.

Looking forward, I expect to see the normal slowdown in sales activity as we move into the fall and early winter season.  I do wonder however if we might be nearing the bottom of this cyclical trend. Interest rates are still moderate but are forecast to rise some down the road. I can’t help but think that anyone serious about buying will be looking to take advantage of these lower rates and reasonable home prices. You know the saying ” follow the herd, they don’t know where they’re going”? I wonder if we will see more astute buyers taking advantage of the current opportunities.

Quick Facts!

  • $431,745 was the average selling price for a Single Family home
  • $3,250,000 was the highest priced home sold last month.
  • 12,614 Residential homes have sold so far this year; 3.17% less than 2017
  • It took an average of 65 days to sell the average home.

As always, I appreciate your referrals and if I may of any service, please let me know.

Chris

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This post was written by Cat and Chris