Edmonton sellers holding out for best prices

by Steve Randall04 Oct 2018

There was a large drop in home sales in the Edmonton CMA last month compared to August but prices saw an increase.

Single family home sales dropped 19.41% month-over-month and 2.22% year-over-year; condo sales were down 28.82% m-o-m and 19.09% y-o-y; and duplex/rowhouse sales fell 21.02% m-o-m and 21.52% y-o-y.

The Realtors Association of Edmonton data shows that overall residential unit sales decreased 21.83% month-over-month and 8.53% year-over-year.

But the average price increased 2.48% in the month to $373,958, a 0.94% increase from September 2017. Duplex/rowhouses saw the largest monthly increase (4.38%) while single-family and condos posted increases of 1.71% and 1.53% respectively. Year-over-year, single family homes saw a 0.25% increase while condos were down 4.28%.

“Stable prices coupled with decreasing sales and increasing days on market indicates sellers are most likely staying firm on their prices and choosing to wait longer to get the price they feel is best for their properties,” says Realtors Association of Edmonton Chair Darcy Torhjelm. “As we move further into our final quarter, we will likely continue to see sales decreasing as is typical for this time of year.”

Inventory was down 1.53% and listings were down 17.41% compared to August 2018. On a year-over-year basis, listings decreased 8.53% while inventory increased by 7.35%.

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