Purrfect Properties Blog

Archive for October, 2015

What Happens to the Edmonton Real Estate Market in Fall?

Friday, October 9th, 2015

Hi Folks,

The leaves are turning such beautiful colors these days.  In particular every time I cross the river and am able to look out over the River Valley, I can’t help but think of the beauty of the season in Edmonton.  The leaves aren’t the only things that change in the Fall season.  Real Estate has its’ own changes for this time of year.  This time brings a drop off in the number of listings.  Those people that weren’t truly committed to their own purchase or sale this year, start to drop off with the leaves, and we are left with those that want to buy and sell and change their personal circumstances; mostly starting with their address.

Check out what’s going on in the Edmonton Real Estate Market in October of 2015, through these Market indicators below:

Inventory: September finished with a lot of listings.  In fact 7,108 homes were for sale throughout our Greater Edmonton Market Area. 2,777 properties were newly listed for Sale in September of 2015, with 5% less new listings than the previous month.  We’re still topping the charts with 26.7% more homes listed for sale in Edmonton this year than last.                

Total sales for September 2015: 1,462 or 21%.

Days on Market:  The average being 53 Days on Market, here in Edmonton, a day down from 54 dom’s the previous month and 49 dom’s the previous year. Compared to August, homes are selling 1.9% faster and 7.5% more slow than the previous year.

Odds of Selling: You still have a 1 in 5 chance of selling your home in the next 30 days. IYour chances of selling have decreased by 40% from last year and 4.85% less from last month.  Be careful with your offers, negotiations work best in these kind of markets.

Average Selling Price: Condo: $252,953 Townhouse: $364,203, Single Family Dwelling: $432,150 and the average selling price across the City of Edmonton is $368,874.

Home sales by Price Range: The highest percentage of properties are and have the tendency in Edmonton to sell in the $300,000-$399,999 price range, and this month 34.07% of homes sold in this price range. Second position goes to the $400,000-$499,999 price range at 20.98%.  Third place is the $200,000-$299,999 and 19.96%. These haven’t changed very much from month to month as this works in with Edmonton average earnings per family.

54 Years average of price increase for the City of Edmonton is 6.99%.

Prices have not gone down in Edmonton since 2011, when we saw a decrease of 1.41%. Prices are up by 1.75% this year.

If you, your friends or family are thinking of moving, please keep me in mind, your referral is the best compliment I can recieve.

780 916 9739  … Now that’s the Cats’ Meow