There was a 15% year-over-year drop in home sales in Edmonton in January.
Condo sales were down the most (18.56%) with single-family home sales down 14.34% and duplex/rowhouse sales down 1.02%. Sales overall were up almost 10% month-over-month.
The market continues to see elevated inventory; despite new listings rising just 0.08% year-over-year, inventory was up 6.10% compared to December 2018 and up 9.31% from January 2018.
“The real estate market is still experiencing the consequences of high inventory and slow sales,” says Realtors Association of Edmonton Chair Michael Brodrick. “Buyers are benefiting from more choice but may be struggling with the mortgage qualification rules, while sellers will need to continue to be patient and flexible in this market.”
Average days on market increased from 72 in December to 84 in January.
The average selling price of a single family home was $404,275, down 6.04% year-over-year and down 5.52% compared to December 2018.
Condo average prices decreased 4.90% year over year and increased 6.18% month over month.
Duplex/rowhouse average prices decreased 7.51% relative to January 2018 and decreased 6.85% relative to December 2018.
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: