Well, this month’s stats show just how unusual last month’s numbers really were. In fact, if you took last month out of the picture October would look downright normal, just as we had expected it would look since late spring. However, when you compare this month to last it looks downright rotten – beware of the headlines when the board releases their month report sometime next week, my guess is there will be some pretty negative press.
So lets have a look at the numbers. First off: sales. They’re certainly lower than last month, and a little lower than is typical for October:
As for prices, they’ve dropped just over 2% from last month, mostly on the condo side of things. Sales and prices do tend to fall in the fall (no pun intended), but this drop is a little more than just seasonal.
At the end of last month, the average sale price for a single family home was $362,908 and is now $361,172 – a 0.5% drop. Condos on the other hand dropped almost 6% after a strong month in September and now sit at $237,388. You can find out more about condo prices at our new Edmonton Condo Blog.
FYI, since we get asked this a lot, the average sale price in Edmonton has dropped 11% since the peak.
Looking at it from price per square foot basis, you can see condos took a bit of a hit this month:
One thing I didn’t expect this month was high the number of new listings – as you can see the number of new listings tends to drop in the fall:
Since the number of new listings it remained high, and the sales dropped, October was another (technical) buyer’s market after months of edging towards a seller’s market.
As always, we’ll have more information later this week when the board releases their monthly report. Stay tuned!
