Mortgage Rule Changes Bump up Home Sales in October
The REALTORS® Association of Edmonton released their monthly report on the Greater Edmonton real estate market yesterday saying:
“The housing market in Edmonton continues to experience relative stability, with increased sales and steady prices year-over-year for October,” said Steve Sedgwick, Chair of the REALTORS® Association of Edmonton. “We typically see the market slow during the colder months, so it is encouraging to see us moving into late fall with strong numbers.”
While home sales are up year over year, the overall average price is down 2% from last year, which is a change from the rest of the year when prices were roughly equal to, or slightly above each month, year over year. The “bump” in sales this month was very likely due to the new mortgage rules – many people moved quickly in October to get the homes the wanted under the old qualification requirements. We’re likely to see sales drop in November since people for the most part just moved up existing buying plans in October.
Here’s our snapshot of the Greater Edmonton Housing market in October:
There were 1341* homes sold in October, up 4.4% from last year:
The overall average residential price dropped 2.1% to $364,004 in October, and the median price was down 0.6% to $348,000:
The inventory of homes on the market was up 8.6% to 7,215 listings, but it did come down a fair amount, as expected at this time of year:
The number of new listings was down 5.5% from last year to 2,147:
*We adjust the residential sales total for the current month to account for unreported sales. Every month 6% of sales on average are not reported to the Association in time for the monthly report. The following month the numbers are updated to reflect the total sales during the previous month. That means the current month always looks worse compared previous months. Our adjusted numbers are far closer to the actual numbers than those reported by the Association each month.
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.