October 2018 Market Report
Well, the data coming out from the REALTORS(R) Association of Edmonton is looking pretty grim for the month of October 2018!! The good news is, the City of Edmonton ONLY statistics aren’t as bad. But they aren’t great either.
All residential sales were down 4% year over year and down 4.6% month over month. There are 7.3 months of inventory which favors buyers.
Single family dwellings were down 1.4% year over year and down .3% month over month with 6.5 months of inventory. This is the first month in the past year or more the inventory has passed 6 months. Now we are clearly in a buyers market for houses in Edmonton.
Condominiums have had a drastic drop to 10.2% year over year and 10.3% month over month. They continue to have over 8 months of inventory.
Duplex/Rowhouses are up .4% year over year. This is the only stat that showed the upward trend this month. But down 3.8% month over month. The inventory has tipped the scales to 8 months which for the first time in over a year has the buyers at the advantage to purchase this kind of product.
With pending threats of rising interest rates, if you know someone who is wanting to purchase they need to lock in their rate with their lender and take advantage of the soft condo market.
Call me with your referrals or for professional representation. I’m here to help.
