Heidi Hromada

 

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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.

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Edmonton, July 4, 2018: In the Edmonton Census Metropolitan Area (CMA) in June 2018, the all residential average selling price was $377,880, increasing 0.20% compared to May 2018 and decreasing 3.96% compared to June 2017. The average price of a single family home was $443,210, an increase of 0.19% month over month and a decrease of 2.37% year over year. Condominium average prices decreased 1.42% compared to May 2018 and decreased 8.55% relative to June 2017. Duplex/rowhouse average prices decreased 0.61% month over month and decreased 1.64% year over year.


Unit sales activity for June 2018 decreased in all categories. Single family home sales decreased 4.91% month over month and 10.27% year over year. Condominium sales decreased 7.78% relative to May 2018 and 9.59% compared to June 2017. Duplex/rowhouse sales decreased 4% month over month and 7.18% year over year. Overall, the all residential sales were down 5.52% compared to May 2018 and down 9.83% compared to June 2017.


"Average prices are remaining stable, however sales are slower than typical for this time of year,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “With increasing inventory and days on market, couple with decreasing sales, sellers will need to be patient and consider their homes’ competitive advantages to stand out in the current buyers’ market."


New listings in June 2018 decreased 11.22% relative to May 2018, while increasing 8.10% compared to June 2017. Inventory is also still higher, with an increase of 6.40% compared to May 2018 and an increase of 15.28% compared to June 2017.


The average days on market for all residential properties increased slightly for June 2018, increasing to 56 days over 53 days the previous month and year. It took a little longer for single family homes and condominiums to sell this month as well. For single family homes, it took an average of 50 days, which was an increase from 46 days month for both over month and year over year. The average days on market for condominiums was 67 days, an increase from 66 in May 2018 and from 62 days in June 2017. The only category to decrease was duplex/rowhouses, taking 57 days in June, which was down from 59 days in May 2018 and 62 days in June 2017.

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