Greater Edmonton Real Estate Market Stable in August
The REALTORS® Association of Edmonton released their monthly report on the Greater Edmonton Real Estate Market today showing sales in the normal range for this time of year, but lower than the past few years.
“Alberta’s economy has been under enormous pressure for some time, but the residential real estate market in the Edmonton Census Metropolitan Area continues to hold. Prices and unit sales for all residential homes are consistent with last year, down less than 1% and 2% respectively,” said Steve Sedgwick, Chair of the REALTORS® Association of Edmonton.
Here’s our snapshot of the market in August:
There were 1519* sales in the greater Edmonton area in August, down 2.3% from last year.
The average sale price came down considerably from last month, but only 0.6% from last year.
“While this is one of the most active times of the year, we are seeing both listings and sales tapering off as we move into the fall months. This is standard in our local real estate cycle,” said Sedgwick. “While unit sales for condos have been impacted the most, prices remain stable. This is thanks in part to the continuing trend of unit sales of over $750,000 that are keeping average sales price of condos elevated by almost 3%.”
The inventory of homes on the market is still well above normal; 7,908 listings were on the market at the end of the month, up 9.4% from last year. With the number of new listings consistently lower than last year, and sales remaining fairly stable (year over year), we should see inventory coming down into a more normal range next year, but that of course, depends on a number of factors.
The number of new listings continues to drop, with a larger gap between this year and last each month. There were 2,747 new listings in August, down 6.3% 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.