1729 residential MLS sales in Edmonton in September 2008.
Lets put that in perspective:
- Last September there were 1042 sales, it was the worst September in recent history
- Last month there were 1541 sales
- Sales typically drop from August to September
- 1141 single family homes sold this September, 1019 in August
- 477 condos sold this September, 427 in August
The average residential sale price is $324,905, down from $329,207 in August (1.3%). The average sale price of single family homes is $362,908, down from $369,190 in August. For condos the average sale price is $252,233, up from $251,048.
In other words, most of the action this month has been in single family homes – sales are up 11% while prices are down 2%. With all the condos under construction and just completed, many people are waiting for condo prices to drop…when/will it happen?
Putting prices in perspective, I find it helps to look at the average price per year:
Last, it may feel like a buyer’s market out there, but the sales to new listings ratio shows a balanced market, creeping slowly towards a seller’s market. However, I don’t think that trend will continue for long.
When the final inventory numbers come out in a couple of days I ‘ll have some more info for you!
