Strong market fundamentals are keeping real estate sales strong and housing prices affordable according to the REALTORS® Association of Edmonton in a report released today:
“Our market continues to exhibit strong fundamentals,” said President Darrell Cook. “Rental vacancy rates are low at about 1.2%, new home starts are up and weekly take-home pay rates are the highest in Canada. The upward pressure on housing prices will be moderated by the seasonal decreases as we approach winter.”
Our market snapshot shows sales and prices are up from last year, while the inventory of homes on the market is down.
Taking a closer look at things, you can see sales are following their typical seasonal decline, but are at higher levels than we've seen for a few years. There were 1579 residential sales in Edmonton in August, up from 1356 last year and down from 1838 last month:
The only stat not following the normal trend is prices - they remained steady in August instead of starting their annual decline. The average residential sale price was $351,455 in August, up 3.8% from last year and .25% from last month. The median sale price was $330,000 up from $320k last year and down from $335k last month:
Inventory dropped in August, as it typically does, to 5,557 listings, compared to 6,021 last year and 5,834 last month:
The number of new listings were exactly where you'd expect them to be as well - there were 2,299 new listings in August compared to 2,289 last year and 2,543 last month: