Greater Edmonton Real Estate Prices Remain High Despite Sluggish Sales
The REALTORS® Association of Edmonton released their monthly report on the greater Edmonton real estate market this week with some unexpected results. The overall average residential price continued to rise to a new record high in July, while sales decreased, and inventory increased on a year over year basis. Here’s our snapshot on the market in July:
Sales were down 17% year over year:
The overall average residential price hit a new high in July, up 3% to $384,504 while the median price was up 0.6% to $358,000.
“We can attribute much of the average price increase to the strength of high end home sales. When we look at the median price of residential properties, we see a clearer picture of what is happening to prices. The median sales price for all residential is up less than a percent from last year. We are continuing to see strong stable pricing throughout the Edmonton region despite slower sales,” says REALTORS® Association of Edmonton Chair Steve Sedgwick.
Inventory remains at high levels, 8,048 listings at month end is up 11% from last year:
There were 2,895 new listings in July, down 7.3% from last year:
About Sara MacLennan
Sara MacLennan is the Director of Marketing at Liv Real Estate and a licensed Real Estate Associate. The bulk of Sara’s experience and wealth of expertise lies in on-line technology and marketing both for agents and consumers. Sara is the former National Director for Interactive Marketing for Coldwell Banker Canada where she was responsible for an extensive training program traveling to offices across the country training agents and brokers on marketing and technology. Find Sara on Twitter @edmontonblogger.