Edmonton’s Real Estate market has been the picture of stability throughout 2015, often defying national trends and economic predictors. While we almost always expect to see a dip in both prices and sales at this time of year, at least one of those statistics is again defying the odds. The average residential price in our city was up in October, both compared to this September and to October of last year.
- Average All residential property price in October = 371,756, up 0.78% from September
- Average Single Family home price in October = $438,935, up 1.57% over September
- Average Duplex/Townhome price in October = $359,130, down 1.39% from September
- Average Condo price in October = $244,225, down 3.45% from September
As you can see, certain property categories, particularly Condos, dipped in October. This had a great deal to do with the influx of inventory, both new and resale. It wasn’t enough to keep average residential prices from outperforming last year, even though there were significant drops in the number of sales.
So when prices and sales don’t follow the traditional trends, how can you understand what’s happening in the market? You can talk to your local REALTOR® –here when life happens.