Sales fell, once again, in Edmonton as the city continues to grapple with turmoil in the energy industry.
January saw 618 home sales, a drop of 13.3% month-over-month and 7.21% lower year-over-year.
“Sales volumes are down, relative to the same time last year,” Realtors Association of Edmonton Chair Steve Sedgwick said. “It is likely that home buyers are responding to current economic uncertainties.
“Although prices have dropped slightly, they remain stable. Growth in inventory may create more opportunities for potential buyers, and given the low interest rates, we remain optimistic about market growth as we head into the spring buying season.”
Prices fell 7.2% from December and 6.3% year-over-year to an average of $339,714.
Sobering stats, for sure. But don’t count a rebound out just yet.
“While there is little doubt we are in for some economic difficulties and challenges with these oil prices, to what extent and length of time no one can know,” Duane Ritter, an Alberta-based agent with RE/MAX, told REP in an email. “I sincerely believe we are in a diverse province with many positives; rich in other natural resources, innovative business and inspiring individuals that are ready to face the challenges and come out (of) this situation stronger.”
Agents in oil country have been taking a beating but relief could be on the horizon, according to one veteran.