"The average price of single family homes was down by 1.9% since August. Condos on the other hand were up 11.7%.... When you factor in all types of residential property the average price was down 1.3%"Probably a simple mistake but it is rich that at the beginning of the ad the questioner said "Anybody can read statistics off a page and give you numbers". The average price of condos in Edmonton increased by 0.5%.
The price drop was explained by change in sales mix:
"It has a lot to do with the mix of homes on the market. The average factors everything from entry level homes to estate homes. Right now there are more entry level, lower priced homes on the market, so that brings the overall average price down despite the strong sales we are seeing."A different perspective comes from the Edmonton Real Estate Blog. Keep in mind that this is also referring to the first half of October as well.
As you can see from the chart below, this is not just a case of fewer high end listings selling, as the average price per square foot has dropped.Sales price/square foot chart.
3 comments:
good grab bear..
severe buyers market
those $280,000 condos are looking pretty sick now
squid
Marc Perras is a realtor. He has to lie to make a living.
Just like those two liars Sheldon and Bob...
The real Squiddly77
It's only normal that RE prices in Alberta must collapse: there was speculation here.
Ontario and Manitoba, as examples, had little speculation that did not drive prices out of whack.
Alberta RE will crash hard by another 30%.
Jim_S (aka Gloria White)
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