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Tuesday, November 13, 2018 - Real Estate Market In Edmonton & Surrounding Area Down In October of 2018!

Well, it looks like the rising inventory and lower number of sales have pushed the prices of homes and condos down in October. As sellers compete to have their properties sold in a reasonable time, the buyers are definitely in advantage position this year with more properties to choose from. Are we seeing a beginning of a decline in residential markets in Greater Edmonton Area? While TSX Composite index is down and hovering around 15,100 today compared to 16,100 a year ago, US economy is doing better than many predicted. I am an optimist and with all things considered, I think we may see a small correction or possibly flat market in the next few months to come.

The average price for a single family detached home in October of 2018 was $425,864 down by 1.36% from last month and down by 1.3% from October of 2017. The condo prices were down drastically by 8.16% at $221,293 from $240,953 last month.

Total of 1,155 residential properties have sold in the 10th month of 2018, 5.71% less than in October and 13.61% less than in same period last year. The inventory decreased to 8,363 residential properties available compared to 8,969 last months and 7,618 in October of 2017. Average Days-On-Market were same at 67.

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posted in Edmonton Real Estate Market Update at Tue, 13 Nov 2018 08:53:21 -0700

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