CBC Edmonton published an interesting article yesterday talking about condos and apartments in Edmonton. The gist of the article is that ten or so years ago, many young people in the Edmonton area chose to purchase condos because there really weren't many great rental options in the city.  Condos have been oversupplied in Edmonton for some time now, and many projects are turning into rental apartments instead of condos, which is leading to more choice and better options for renters, and further weakening demand for condos. Interesting. The REALTORS® Association of Edmonton released their monthly report on the Greater Edmonton area real estate market today saying:
“The overall real estate market is softening as the summer selling season begins to slow,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “Average prices are decreasing and that may continue in the rest of the year due to the high inventory levels. It is important for sellers to be prepared to negotiate more and expect to be a bit more flexible with their property prices.”
Here's our snapshot of the Greater Edmonton real estate market in July along with our charts showing sales, prices, listings and more.  

Edmonton Stats

Our preliminary look at the real estate market in Edmonton in July shows a continued buyer's market, with lower than normal sales, higher than normal inventory and a 6.3-month absorption rate (in other words, at this rate of sales it would take over 6 months to sell all the listings currently on the market). 793 single-family homes were reported sold in July, which down just 0.6% from last July. Condo sales were up 7.5% in July compared to last year but were still below historical norms - 359 condos were reported sold in July. The average price of single-family homes was down 0.8% from last July to $436,558 and the median price was down 0.5% to $387,999. The average price of condos was down 8.4% from last July to $246,885 and the median price was down 7.4% to $224,900. The average price per square foot for single-family homes was down $2 to $282 and for condos was down $7 to $244. As always, I'll update this report when the REALTORS® Association of Edmonton releases their stats on the Greater Edmonton area in a few days. Posted by Liv Real Estate on
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