The average price of a home in Edmonton rose to $384,504 in July, up 3 per cent from a year earlier and 2 per cent from June however the increases do not tell the whole story.
“We can attribute much of the average price increase to the strength of high end home sales. When we look at the median price of residential properties, we see a clearer picture of what is happening to prices. The median sales price for all residential is up less than a percent from last year. We are continuing to see strong stable pricing throughout the Edmonton region despite slower sales,” explained Steve Sedgwick, chair of Realtors Association of Edmonton.
There was a 15 per cent drop in sales in the Edmonton CMA in July compared to June and year-over-year sales were down 16 per cent. Single-family homes sales were down 16 per cent in the month and from a year earlier; condo sales were down 13 per cent in the month and 25 per cent year-over-year.
Steve Sedgwick says that the drop is seasonal and says there is some good news for the market: “There is no question that the pace and volume of sales has dropped. The positive side of this is that there continues to be a good selection of inventory for buyers.”
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