November 3rd, 2009: Edmonton St Albert and Surrounding Area
Although we had experienced a welcomed but yet unexpected upward spike in Resale Home Prices and Sales Volume for the Month of September 2009, the seasonal fall trend is back in the saddle again for October 2009. Subsequently, current Market Trends are experiencing a slight decline in sale prices and sales volume since last month. See statistics and commentary see below:
The average price for a single family dwelling began its slight downward trend in October by 2.2% on average* from $371,947 in September to $363,694 in October and Condominiums were priced down 3.2% in October – slipping from $245,546 to $237,601.
For the month ending October 2009 there were 1,535 residential properties sold; up 23% from 2008 (but down almost 10% from last month).
Homes sold on average in October in 47 days versus 44 days in September. We presently have a 3 ½ month supply of homes (5,530) - just right in my opinion.
Overall the average residential pricing in October 2009 was up a third of a percent from 2008 and homes are selling faster than in October of 2008 (47 days versus 58 days). We are also experiencing a 61% List To Sales Ratio YTD which is looking more like a balanced market all the time. Although bruised and battered since September of 2007 the Market is steadily working its way back to 2008 prices....we are not quite there yet..
It is important to consult an informed REALTOR® to devise a strategy for buying or selling a home in a particular area to ensure that you get the latest in market trend data and the most current neighborhood specific statistical information available.
* Average prices indicate market trends only. They do not reflect actual prices, which may vary.