“Inventory is still strong for buyers, and marginal adjustments in year-over-year prices indicate a stable market for sellers,” said James Mabey, REALTORS® Association of Edmonton Chair. “Sellers must remain patient but mindful of their positioning in the market with many options for buyers to consider, so consulting with their REALTOR® to remain competitive is essential,” says Mabey.Here's our snapshot on the market in July:
Sales in the Greater Edmonton area were up 2.8% in July compared to last year - the first time sales have been up on a year over year basis in 4 months.
The average price for residential sales in the greater Edmonton area dropped slightly (0.2%) to $383,624 and the median price rose slightly (0.5%) to $359,950:
The inventory continued to increase in July, to the highest level we've seen since 2008; there were 8,756 listings on the market at the end of July:
The number of new listings was up 7.6% from last July to 3,114:
Edmonton Stats:
Single family home sales rose 1.9% in Edmonton in July compared to last year; 798 homes were reported sold through the MLS system in July.
Condo sales remained slow in Edmonton in July - 334 condos were reported sold, down 6% from last July.
The average price of single family homes dropped 1.7% compared to last July to $440,015 and the median price dropped 2.3% to $390,000. The average price of condos increased 5.2% compared to last July to $269,584 and the median price rose 0.4% to $242,750. The only reason I can find for condo prices rising is that the average size of condos sold increased by 4%.
The average price per square foot for single family homes decreased by $4 to $284 and the average price per square foot for condos increased by $2 to $251.
Posted by Liv Real Estate
on
Well that sucks. There are certain types/locations/individual addresses that were in a hyper-bubble in 2007, even compared to the rest of the frothy market that year. And those places still won't fetch what they would have that spring. 50pct is extreme, but I can believe it, given some of the things I saw then. I bought my first house in the fall of '05. Listed it spring of '08 for 400pct of what I paid for it. Eventually took 287pct of what I paid after 4 months on the market and after 2.75 years of ownership. Realtor said I would have easily got the 400pct mark at peak. Today, that place probably sells for 70% of what I sold it for in 2008, or double what I originally paid. That means if I'd have hit peak, and sold for 4x what I paid, it'd be worth half that today. So I can buy what Tony's saying. That's a first.
Posted by Trev on Tuesday, August 1st, 2017 at 11:07pmThe truth is the exact same condo cost 50 (fifty) percent less today than it cost in the summer of the year 2007!! Fact. I still have two townhouses that would have sold for double in the summer of 2007 than they would sell for today.
Posted by Tony on Wednesday, August 2nd, 2017 at 5:31amEnd of month inventory number is scary to say the least!
Posted by Greg on Thursday, August 3rd, 2017 at 3:40amI have a story that could be an example of that but not to the extent Tony is mentioning.
Posted by Wally on Friday, August 4th, 2017 at 6:16amIn the peak of 2007 à friend of mine purchased a house for 355 k put 60 k in renovation that's a total of 415 k without counting on the added value from renos say 20 k so 435 k.
They listed the house last year for 390 k but didn't sell. The realtor said they should drop the price to around 360 k but they took it off the market
So if the house sells for about 350 to 360 k that would be about 15 to 20 percent less than the peak of 2007
I forgot to mention the single bilevel is in McLeod area
Posted by Wally on Friday, August 4th, 2017 at 6:18amLeave A Comment