Edmonton, August 2, 2018: In the Edmonton Census Metropolitan Area (CMA), the average all residential selling price decreased 2.07% to $370,046 compared to June 2018 and decreased 3.63% compared to July 2017. Single family home average prices decreased 1.44% to $436,825 month over month and decreased 2.25% year over year. Duplex/rowhouse average prices decreased 0.71% month over month and decreased 0.48% year over year. Condominium average prices increased 3.35% compared to June 2018 and decreased 6.22% compared to July 2017.
Compared to June 2018, single family home sales decreased 9.01% and compared to July 2017, decreased 3.29%. Duplex/rowhouses increased 4.17% compared to June 2017 and decreased 3.31% relative to July 2017. Condominium sales increased 2.65% month over month and 3.40% year over year.
“The overall real estate market is softening as the summer selling season begins to slow,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “Average prices are decreasing and that may continue in the rest of the year due to the high inventory levels. It is important for sellers to be prepared to negotiate more and expect to be a bit more flexible with their property prices.”
Inventory increased slightly in July, up 0.52% compared to July 2018 and up 12.62% compared to June 2017. New listings decreased 13.02% month over month and increased 4.04% year over year. In total, there were 1,603 MLS® System listed properties sold in July 2018, a decrease of 4.47% month over month and a decrease of 0.99% year over year.
Average days on market increased for most categories, indicating more of a buyers’ market for the Edmonton CMA. The average for single family homes increased to 52 days for July 2018, two days longer than June 2018 and four days longer than July 2017. For duplex/rowhouses, the average days on market was 61, increasing from 57 in June 2018 and 55 in July 2017. Condominiums required one less day in July 2018, decreasing to 66 days on market from 67 in June 2018 and 60 days in July 2017.