Home sellers in Edmonton need to be patient as the buyers’ market shows no sign of changing soon.
Overall home sales in the CMA were down 5.52% in June compared to May and down 9.93% compared to June 2017; putting pressure on prices and increasing days on market to 56 days from 53 in both the previous month and year.
Average selling price was $377,880, up 0.20% compared to May 2018 but down 3.96% compared to June 2017.
“Average prices are remaining stable, however sales are slower than typical for this time of year,” says Realtors Association of Edmonton Chair Darcy Torhjelm. “With increasing inventory and days on market, couple with decreasing sales, sellers will need to be patient and consider their homes’ competitive advantages to stand out in the current buyers’ market.”
Single family leading the decline
The decrease in sales was led by single-family homes which saw sales fall 4.91% month-over-month and 10.27% year-over-year (1,066) and the average selling price of $443,210 was up 0.19% m-o-m but down 2.37% y-o-y.
For condos, sales totalled 415, down 7.78% m-o-m and down 9.59% y-o-y. Average selling price was $238,141, down 1.42% m-o-m and down 8.55% y-o-y.
Duplex/rowhouse sales were down 4% month-over-month and down 7.18% year-over-year to 168. Average selling price was $344,678, down 0.61% from May 2018 and down 1.64% from June 2017.
Listings boost means more choice for buyers
Despite an 11% decrease in new listings in June, year-over-year they were up 8.10%. It meant total inventory was up 6.40% month-over-month and more than 15% above that of June 2017.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: