September Prices Are Cooling Down!
Tue, 12 OctThe City of Edmonton market price averages for the month of September have cooled down slightly from August, just like our weather! This seasonal adjustment is not unusual as school resumes and families get into their new routines for the coming year.
Year over year price averages for all Edmonton sales was up slightly by .7%, single family dwellings up by 3.8%, condos down by 4.3% and duplex rowhouses up by a marginal .6%.
Month over month pricing has decreased in every product area. All residential average was down 1.3%, single family down 1.1%, condos down 1.4%, and duplex/rowhouses by 7.4%.
We are still sitting in a seller’s market position for single family and duplex/rowhouses with 3.2 months of inventory and 3.6 months of inventory respectively. As for all residential sales we are in a balanced position, favoring neither buyer nor seller. And condominiums still remain in a buyers position of 7.1 months of inventory.
I’m often asked the question, when is the best time to sell or buy a home. I usually say, if you are buying and selling within a month or two of each other, anytime is a good time, as the market conditions remain similar. If you are buying for the first time, taking advantage of seasonal slow downs can be in your favor.
For professional representation, please give me a call.
Have a great Thanksgiving weekend!
All about you. Really.