Edmonton Real Estate Update for October!
There’s been a ton of worry out there this month with gas prices going down and reports of an impending burst of the housing market.
I wanted to write this post for you to show you why people saying those things don’t exactly know what’s really going on. I’m not going to just say it but here’s some stuff you might want to think about before believing in this so called “bubble burst.”
I’ll start by taking a step back two months. Normally we see a drop in home sales in the fall, that’s no secret. This year though we saw a steady average price in September of $435,584 which was less than 1% decrease from August! Average days on the market for a home also stayed strong from August to September and single family dwelling reported sales were up 4.7%! As far as any decline I think it’s pretty clear things stayed steady from August into September.
The president of the Realtors association even said that
“There is a false idea out there that people only buy houses in the spring and summer. People buy and sell their houses when the time is right for them. Consulting with your local REALTOR® is the best way to see if the time is right for you.”
Things were hot this summer and they’re carrying over into the fall.
Now, that should just about cover any worries you had about September decline or that fall isn’t the right time to buy or sell. If you want some more great information check out some of the stats here: http://www.ereb.com/News&Events/LatestMarketStatistics.html
What about October?
I won’t go into it too much because a lot of the stats are pending and I don’t want to misinform you but here’s what I know so far:
- There were 842 sales of single family homes in October, up 11% from last October.
- A report came out this month naming Calgary and Edmonton as the top two real estate markets in Canada.
- This month another report also showed strong year-over-year price appreciation for all housing types in Edmonton.
Another thing I’m definitely sure about in this real estate market. If you’re looking to buy or sell I can definitely help you with the information and results you need!