"Average prices are remaining stable, however sales are slower than typical for this time of year,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “With increasing inventory and days on market, couple with decreasing sales, sellers will need to be patient and consider their homes’ competitive advantages to stand out in the current buyers’ market."While average prices have remained reasonably stable, through the past four years of rising inventory and declining sales, benchmark prices tell a different story. The Benchmark price for all types of residential properties reached a peak in early 2015, and have been on the decline ever since.
While the benchmark price for single-family homes is up 4.63% from 5 years ago, the benchmark for all property types is down across the board from three years ago.
It's a simple case of high supply and low demand. The story is much the same in Calgary:
"The impact of rising lending rates and stricter qualification levels is causing demand to ease across all product types," said CREB® chief economist Ann-Marie Lurie. "Economic conditions have improved compared to several years ago, but the pace of economic recovery has not been enough to outweigh the changes in lending conditions."Here's our snapshot on the Greater Edmonton real estate market, followed by our regular charts:
Edmonton Stats
The real estate market cooled off in Edmonton in June with lower than normal single-family home sales, and well below normal condo sales and lower prices across the board. Single-family home sales were down 10.6% from last year.
Condo sales were down 11.8% from last June, to the lowest level we've seen in June since at least 2008:
The average price of single-family homes was down 3.6% from last year to $440,646 and the median price was down 1.5%. The average price of condos was down 10% from last June to $231,567 and the median price was down 10.5% to $217,750:
The price per square foot for single-family homes was down $7 to $285/square foot, and for condos was down $16 to $230/square foot:
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