With the summer season barely visible in the rear-view mirror (see photo above), many Edmontonians are now ready to refocus on their next move. Wondering if you should dive in before the snow flies? Take some time to educate yourself on what Q3 brought to the local real estate market before you do. Here are the highlights:
Average selling price remains stable(ish). In September, the overall Edmonton Census Metropolitan Area (CMA) average selling price decreased marginally year over year (YoY) by 1.06% and month over month (MoM) by 0.85%. Single family dwellings actually saw the most stability YoY with an increase of 0.17% to $430,644. Condominiums experienced a small decline YoY of 0.19%, with an average selling price of $252,313. Despite this somewhat rosy picture, downward pressure continues to build – competitive pricing is key in ensuring a transaction is imminent. The condo market in particular has been propped up by new build strength – resale condominium product continues to suffer in ways not truly represented.
Transaction volume dropped. Last month (September), the Edmonton CMA saw 1,341 properties sold, down 6.35% YoY. Over the summer, the Bank of Canada increased interest rates twice, causing many buyers to take a second look at their finances. This is likely reflected in the decline. Not sure if the changes to interest rates impact you? Make sure you consult your bank or professional mortgage broker for support.
Days on market is consistent. The amount of time it takes to sell a property, the average days on market (DOM), remains unchanged YoY at 58 days. Both single family and condominium segments remain stable with that figure. Remember, the DOM stat can be reset every time a property is re-listed, a common practice by REALTORs® to keep their properties looking fresh. Our experience says that DOM should be taken with a grain of salt.
As we head into the final quarter of the year, what can we expect? First off, we expect October to remain strong and active as long as the weather holds. As winter creeps onto the scene and the holidays near, the real estate market will naturally slow. For buyers, it will continue to be a good time to purchase with strong inventory and selection available. And for sellers, while you can expect to wait slightly longer to sell, you have assurance that prices are stable; patience is key.
Looking for more detail? Check out the latest market report from the Edmonton Real Estate Board here.