Carl Phin & Kim McLeod

Post Comment

October real estate market slower but not at all scary

Edmonton, November 2, 2011: In October the streets are overrun with ghoulish figures and scary
characters but homeowners had no reason to fear the local housing market. Average prices for all types of
residential property softened in October as part of the seasonal trend. In October the average* price of a
single family detached home dipped lower than the two previous years and the previous month. The
average price of a condo also dropped below the two previous same-month levels and was $15,500 below
the price at the start of 2011. Over-all, the average residential price dropped to the lowest point since
March but was $2,500 above the same figure in 2010.
• SFD average price $362,897 (down 3.4% m/m), median price $346,500
• Condo average price $223,892 (down 4.4% m/m), median price $210,500
• Duplex/row house average price $309,474 (up 4.7% m/m) , median price $308,000
• All-residential average price $319,985 (down 3.9% m/m), median price $312,500
“The balanced market continues as evidenced by the same number of residential sales in October 2011
and October 2010,” said REALTORS® Association of Edmonton President Chris Mooney. “Although there
are initial signs of labour shortages in the service sector, we are optimistic about real estate performance.
As job openings increase in Alberta, people will again start to move here and drive real estate sales up.”
The sales-to-listing ratio was up 2% to 54% in October and the days-on-market figure rose from 56 in
September to 59 in October. Residential listings were down in October compared to last year and as a
result the available inventory dropped from 8,062 in September to 7,296 at the end of October. There were
1,170 residential sales in October compared to 1,169 in October 2010. Listings dropped from 2,218 in
October 2010 to 2,166 this year.
“My colleagues and I are out in the marketplace every day, talking to buyers and sellers,” said Mooney.
“We see some reluctance from clients who have their eye on other markets but those who focus on the
local figures see the strength, stability and opportunity that support a decision to invest in real estate.”
There are 3,124 REALTORS® active in the Edmonton area who can assist with a real estate transaction.
No comments

Post Your Comment:

Posts By Date
Copyright 2022 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.