Prices continue to hold steady even though sales are down when compared to this time last year. The Edmonton market is resilient even with low oil prices and a slower economy.

Geneva Tetreault of the REALTORS® association of Edmonton says  “Buyers continue to see the benefits of a healthy inventory but we haven’t seen many sellers dropping prices significantly in order to compete. Last year’s market and its low inventory made buyers feel pressure to jump into an offer if they found something they like. We are seeing buyers take a little more time in the decision making process this year.”

The average price of a single family home in the month of September was $432,150 with 873 houses sold. The average time it took for a home to sell was 51 days and there were 1,660 active listings. The median price was $400,000

For Condos, the average price was $252,953 and there were 411 sold. The average time it took to sell a condo was 57 days and there were 773 active listings. The median price for condos was $229,000

The average price is calculated by adding up the values of all the homes that sold and dividing by the number of homes. The median price is just the middle of all the values of the homes that sold. For example, if there were 5 homes sold and their prices were 400,000 425,000 450,000 475,000 and 500,000 then the median price would be 450,000 because it is in the middle.

All data is provided by the REALTORS® Association of Edmonton

 

Posted by Robert and Shawna Eskiw on
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