The RAE (Realtors Association of Edmonton) have just released their October 2014 Edmonton real estate sales statistics to the public. October is often a transition month for Edmonton real estate sales. As the weather cools, traditionally the market cools as well as far as the number of home listed and sold. However, this past month was a fantastic month weather wise in the city of Edmonton; did the real estate market stay just as nice?
It appears that the Edmonton real estate market is still doing very well. Sales continue to be strong and the prices for home across all residential sectors have gone up over last year. Here are 5 interesting sales statistics in the Edmonton real estate market from October 2014:
- There have been almost $6.2 billion - yes, with a b - in total residential property sales in 2014 so far. This breaks down into over $4.4 billion in single family home sales, over $1.2 billion in condo sales, and over $425 million in duplex/rowhouse sales. This is up over 16% over this time last year.
- The average single family sale price in October was $426848 (an increase of 7.8%), while the average condo price was $260491( an increase of 9.7%) and the average duplex/rowhouse sale price was $352907 (an increase of 8%). This signifies a continued upward trend as more home buyers enter the market.
- The price point with the highest number of sales in October was in the $35 to $375 thousand range, with similar activity just above and just below that price as well. There were 15 sales of properties worth $1 million or more in October. On the other end of the spectrum, there were also 18 sales of properties under $100000.
- The number of sales of Edmonton residential properties stayed pretty much the same from October 2013. Only 7 fewer properties (1419 to 1412) were sold this October compared to last October.
- Residential properties in Edmonton that sold in October were on the market an average of 51 days before selling, which is 3 days faster than in 2013. However this is almost 5 days longer than the year to date average. So homes are sitting on the market a little longer than the last few months before selling.
For those of you that have been waiting to see if home prices will go down at all, your patience may yet pay off, as November and December traditionally sees a slowdown in sales and a small decrease in home prices. This idea is reinforced by the fact that October's average residential sale price is slightly lower (0.3%) than the year to date average. But when you are talking about hundreds of thousands of dollars, that decrease still equates to over $1000.
Most importantly, please remember that the October 2014 Edmonton real estate sales statistics released are general guidelines that are meant for information only, and not as your sole decision maker for whether or not you should buy or sell a home now. Getting specific information for your situation is the best idea to start your decision making process.