Edmonton Census Metropolitan Area (CMA) saw its residential sales, as well as average prices, drop in October, according to Realtors Association of Edmonton.
The city’s residential unit sales declined month-over-month and year-over-year by 5.71% and 13.61%, respectively. Single family home sales were down 9.71% compared to September 2018, and down 14.86% compared to October 2017. In addition, duplex/rowhouses sank 20.16% month-over-month and 30.77% year-over-year. Month over month unit sales of condominiums, on the other hand, hiked 8.80%, but decreased 4.92% relative to the same period in 2017.
Figures for average values did not look better. The month of October registered a residential average price of $358,954. This marked a month-over-month decrease of 4.01% and year-over-year decrease of 3.08%.
Delving into the results for every home category, it was revealed that the average price of a single family home was $425,864, a decrease of 1.36% compared to September 2018 and decrease of 1.30% compared to October 2017. Meanwhile, duplex/rowhouses decreased 3.45% month-over-month and 2.21% year-over-year, to an average price of $333,215. Finally, condominiums similarly tracked lower to an average price of $221,293, down 8.16% compared to September 2018 and down 8.80% compared to October 2017.
Apart from the fact that prices and sales typically start decreasing this time of the year, Realtors Association of Edmonton Chair Darcy Torhjelm associated the market slowdown with weakening sales and higher inventory and listings.
He noted, though, that conditions are bound to become better in the coming months.
“As we move towards the end of the year, we will likely see average days on market grow with inventory remaining higher.”
New listings and overall inventory also slid by 3.22% and 2.68%, respectively, last month. When compared to last year, both segments were up. New listings increased 4.05% and inventory increased 8.50% year-over-year.