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Century 21 Signature Realty
#207, 2920 Calgary Trail NW, Edmonton, Alberta
P: 780-485-2100
F: 780-485-2180

Monday, October 4, 2010 - Edmonton home market high on sellers, low on buyers


EDMONTON — Where are the buyers? That’s the question on the minds of realtors and home sellers.

Sellers, on the other hand, are abundant in the real estate market. They’re offering more than 8,600 homes for sale on the Multiple Listing Service in the Edmonton area — about seven months’ worth of inventory and about twice what realtors would like to see with current demand.

But sales are slowing, according to MLS figures released Monday. There were 1,187 residential sales in September — down from 1,195 in August and 1,294 in July. September sales are down 23 per cent year-over-year.

Larry Westergard, president of the Realtors Association Edmonton, said the market was “resting” after a rush to buy earlier in 2010 as buyers rushed to beat anticipated interest rate hikes.

“Because we had so much more accelerated demand, a lot of those buyers made earlier than normal decisions in the market. They came out of the market sooner than they normally would have.”

The cooling demand has led to a glut of listings.

“Their selling decision hasn’t coincided with when a lot of the buyers were in the market. So normally, you would have seen a lot of sell-off of that inventory. That hasn’t happened, because the buyers already made the decisions. People still need to make life decisions when it comes to selling, but unfortunately, the buyers aren’t there right now.”

The price of a single-family home in the Edmonton area dropped for the third consecutive month.

The average (mean) price of a single family dwelling in September was $370,653, down from $372,253 in August but up 0.7 per cent year-over-year. Median selling price was $348,000, down from $350,000 in August and up 0.55 per cent year-over-year.

Condos, which have dropped in price for four straight months, rebounded and sold on average for $238,822 last month — up from $232,230 in August but down 3.1 per cent from September 2009.

Duplexes/townhouses fell to an average selling price of $313,462 in September from $352,662 in August.

Westergard said the market has avoided large price drops despite lack of buyer activity. “It appears with the very little fluctuation in price that the market isn’t demanding a lot of reductions in prices.”

Average days on market was unchanged at 57 days, while sales to listing ratio was 47 per cent.

There were 2,668 new listings in September, down from 2,700 in August.

posted in General at Mon, 04 Oct 2010 20:19:21 +0000

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Data last Updated: 2020-01-19 at 07:42:02 GMT America/Edmonton
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