During one of the hottest months Edmonton has ever seen, the real estate market certainly cooled off in July. While it's normal for sales to drop from June to July, a 19% drop is bigger than normal, however, we did come down from an all-time high and sales were up 2% from last July. The drop is due at least in part to summer holidays - with travel options finally opening up a bit, many Edmontonians have hit the road and put house hunting on the back burner for now. The inventory of homes on the market increased 4% over last year and was basically the same as last month - we typically see the inventory start to decline in July. With 3.6 months of supply, we've almost edged back into a balanced market, bringing some much-needed relief to buyers that have felt the pressure of low inventory for many months now.

City of Edmonton Stats

893 single-family homes were reported sold in July, right in the normal range for this time of year but down 10% from the frenzied market we saw last July and down 16% from last month. The luxury market is quite busy with 17 sales reported over $1million in July, and many homes selling above list price in the $600k-$900k range. I'll have more insights into the market and will update this post when the REALTORS® Association of Edmonton releases their report on the market later this week. Posted by Liv Real Estate on
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