Home sales in the Edmonton area slowed in September with real estate agents reporting 1,339 units sold, down 6.56 per cent from a month earlier and down 8.41 per cent year-over-year.
However, prices remained solid with the average sale price up 1.1 per cent in the month and 1.5 per cent over the past year.
“We are moving into the quieter real estate months with a healthy inventory, strong prices and slower listings and sales,” said Steve Sedgwick, Chair of the Realtors Association of Edmonton. “It continues to be a good time to buy. We usually see less inventory coming into winter months, so it is beneficial for buyers to have a respectable selection and reassuring for sellers to see continued stability in average sale prices.”
Condo sales saw the largest slump, down 20 per cent year-over-year while the decline in detached homes was 3 per cent and rowhouse/duplex sales fell 5.59 per cent.
Inventory was up around 10 per cent in September compared to a year earlier and Sedgwick says that sellers can expect to wait longer for homes to sell.
On prices, he says there could be some downward pressure in the winter months but agents are not expecting a significant fall in prices due to the stable market.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: