August 2019 Edmonton Area Real Estate Activity

September 5, 2019 9:40 am Published by

The August Edmonton and area real estate activity saw a decline in the number of overall sales compared to the same period last year by 6.38% and by 18.22% to last month. To be fair, this past July was unusually active but regardless, the August sales were the lowest we’ve seen in a few years. On the plus side, the overall inventory continued to shrink with a decline of 12.21% from last year. This bodes well as we start to move into a more balanced market.

What’s interesting is that we’re realizing more price stability in the Single Family and Duplex market. At $434,634, Single Family homes are up by 2.24% year over year and at $354,455, the Duplex category increased by 7.00%. Condo’s however are still trying to achieve a base with an average sale price of $234,480; a dip of 5.16% to 2018.

What do I think might happen in September? Great question! We should see the expected seasonal drop in sales as we move into the fall season but with an eye on the recent government First-Time Home Buyer Incentive program. As designed, it will assist first-time home buyers reduce their monthly mortgage payments which in turn should lead to increased sales.

That said, time will tell, so get out there and enjoy what we have left of the summer weather!

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This post was written by Cat and Chris