Slight Increase in Sales of Single-Family Homes in October Comes With Falling Prices
Sales of single-family homes were up slightly from last year in Edmonton in October. 689 homes were reported sold in October, up 2.7% from last year, a trend that is not likely to continue for the rest of the year. The “bump” was likely caused, at least in part, by the new mortgage rules that came into effect in October as some buyers tried to get in “under the wire.”
Condo sales saw a slight uptick from last month, which is not normal for this time of year, but were down 12% from last October (285 condos were reported sold).
The average price of single-family homes was down 5.16% from last October to $420,271 and the median sale price was down 0.6% to $387,800. Meanwhile, the average price of condos was up 2.4% from last October to $250,012 and the median sale price was up 4.5% to $232,500. Condo buyers did get slightly larger condos in October – the average size of condos sold was up 5.2%.
Single-family homes sold for $274/square foot on average in October (down 5.2%) and condos sold for $234/square foot (down 2.5%).
As always, this is our preliminary report on the Edmonton real estate market, our final report will be posted in a few days when the REALTORS® Association of Edmonton releases their monthly stats.
About Sara MacLennan
Sara MacLennan is the Director of Marketing at Liv Real Estate and a licensed Real Estate Associate. The bulk of Sara’s experience and wealth of expertise lies in on-line technology and marketing both for agents and consumers. Sara is the former National Director for Interactive Marketing for Coldwell Banker Canada where she was responsible for an extensive training program traveling to offices across the country training agents and brokers on marketing and technology. Find Sara on Twitter @edmontonblogger.