Heidi Hromada

 

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August’s Residential Prices Remain Stable Despite Drop in Sales

Edmonton, September 3, 2019: Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for the month of August 2019 dropped 6.38% compared to August 2018. The number of new residential listings is also down, dropping 4.73% from August 2018, and overall inventory in the Edmonton CMA fell 12.21% from August of last year.


Single family home unit sales are down 9.01%, while condo unit sales dropped 3.05%, and unit sales of duplexes fell 4.40% from the same period of time last year.


All residential average prices remained stable at $367,339, similar to August 2018, and are virtually unchanged from July 2019. Single family homes sold for an average of $434,634, a 2.24% year-over-year increase from August 2018, and a 1.14% increase from July 2019. Condominiums sold for an average of $234,480, a 5.16% drop year-over-year, but an increase of 5.19% from the previous month. Duplexes are up 7.00% from last year to $354,455, which was a 6.34% increase from the previous month.


“Edmonton real estate prices have remained relatively stable” says REALTORS® Association ofEdmonton Chair Michael Brodrick. “Single family home pricing is virtually unchanged, condos are up 5.19% from last month, while duplexes increased 7.00% year-over-year.”


Single family homes averaged 57 days on the market, a one day decrease from last year. Condos spent one day longer on the market, from 73 to 74 days, while duplexes averaged 61 days on market, a two day decrease from August 2018. Overall, all residential listings averaged 62 days on market, a 1.59% decrease year-over-year, and remained the same as the previous month.

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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.