July 2018 Real Estate Report

August is here! We’re half way through the summer holiday season and the weather has been great! With Heritage Days, the Folk Fest, and the Fringe…….wow it’s a great city in the summer.

The Edmonton Census Metropolitan Area (CMA) real estate activity finally showed some positive results for Condo sellers as sales increased in comparison to last June and July 2017. It wasn’t a huge jump but along with more sales was an increase from last month in the average selling price; $246,115 vs $238,141. However, the year over year average Condo prices are down 6.22%.

Speaking of average prices, the Single Family category sold for $436,825. This is 1.44% lower than June and 2.25% less than a year ago. Sales were also less than June by 9.01% which is typical as the summer season generally slows down from spring. That said, sales are also down year over year by 3.29%.

Duplex/Townhouse sales were up from June by 4.17% but similar to the other categories are off 3.31% year over year. Prices though held fairy steady with a slight drop to $342,217.

No doubt it is still a Buyer’s market as the inventory of available homes is at an all-time high. Going forward it is easy to see the glass either half empty or half full. For our Seller clients I appreciate their concern of selling into a crowded market. On the other hand, Buyers are realizing some pretty good opportunities by purchasing at the low cycle of the market.

Quick Facts!
 $2,399,800 was the highest priced home sold in July.
 9,829 is the number of residential sales Year over Year (3.2% less than 2017)
 It took an average of 57 days to sell the average home in July

As always, I appreciate your referrals and if I may of any service, please let me know.

Chris

Categorised in: Real Estate Market Updates

This post was written by Cat and Chris