October Ad 1
While average residential price was down in October the average price of single family homes was up.Average price of single family home increased by 0.3% from $362,097 to $363,274. Median price decreased 0.8% from $345,500 to $342,750.
Really so where is the decrease?
Condos. Condo sales prices had the biggest single month drop of the year. Down by 5.8%.
So single family homes are up condos are down.
October Ad 2
Global unrest, economic uncertainty most major markets are feeling the effect of fnancial instability....
Unlike most major markets there is still a high degree of consumer confidence in Edmonton and thats being reflected in the housing market
So we are maintaining an even keel?
As compared to a typical fall, absolutely.
Sales generally slow at this time of the year and we have seen that predictable slowdown. Its safe to say that the stronger sales in the third quarter of the year contributed to reduced demand in October?
Which is normal?
It is. This October's resale figures were lower than last year but well with the norm. We're also seeing inventory levels continuing to decrease, heading back towards normal levels.
So all in all the Edmonton market remains stable.
More than most major markets in these strange economic times. I'm not going to use the 'R" word.
Unless you mean REALTOR
Instead of being 'well within the normal range' sales are lower than each of the the previous five years for October.
Notice that there was no mention that the decrease in inventory is also part of a regular seasonal pattern just like sales.
The sales to listing ratio dropped from 55% in September to 40% in October which indicates a deterioration in the market independent of seasonality.