Average prices for all types of residential property softened in October as part of the seasonal trend. In October the average* price of a single family detached home dipped lower than the two previous years and the previous month. The average price of a condo also dropped below the two previous same-month levels and was $15,500 below the price at the start of 20…11. Over-all, the average residential price dropped to the lowest point since March but was $2,500 above the same figure in 2010.

SFD average price $362,897 (down 3.4% m/m), median price $346,500

Condo average price $223,892 (down 4.4% m/m), median price $210,500

Duplex/row house average price $309,474 (up 4.7% m/m) , median price $308,000

All-residential average price $319,985 (down 3.9% m/m), median price $312,500

The balanced market continues as evidenced by the same number of residential sales in October 2011 and October 2010,” said REALTORS® Association of Edmonton President Chris Mooney. “Although there are initial signs of labour shortages in the service sector, we are optimistic about real estate performance. As job openings increase in Alberta, people will again start to move here and drive real estate sales up.”

Thank you to all my clients for their continued support. Please call my team and I if you have any questions. 780-406-4000. Happy Sunday!

Kind Regards, Michael Pino Real Estate Group