Edmonton sales down, first-time buyers switch strategy

Home sales were down almost 5% in Edmonton last month with 1,542 units sold.

The Realtors Association of Edmonton says that the year-over-year decline in total sales was 2.03% but individual property types show disparity reflecting some changing buyer preferences.

Single family detached homes totalled 930, down 7.28% in August from July and down 1.38% from August 2016; and condo sales were down 4.10% month-over-month to 398, down 10.36% from a year earlier.

Meanwhile, rowhouses and duplexes saw a rise in sales of 1.66% month-over-month and 19.48% year-over-year to 184 units.
“Entry level buyers appear to be turning their attention to semi-detached product for the best value, as opposed to condominiums. Changes to mortgage rates and qualifying rules may be impacting these segments,” says James Mabey, the REALTORS® Association of Edmonton Chair.

Inventory was down around 10% year-over-year to 8,570 but was flat compared to July.

The average sale price for single family homes was $438,325, a month-over-month decrease of 1.92% and a year-over-year increase of 0.83%; for condos the average was $245,184, down 6.37% from July and down 3.76% from August 2016; and the average price for duplexes and rowhouses was $355,134, a 3.27% increase from July and a 3.98% increase from August 2016.

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