The market is down from this time last year but prices continue to be stable in the Edmonton real estate market. The July statistics have just been released from the REALTORS Association of Edmonton and patience remains the key to getting homes sold in the Capital Region.
Edmonton’s average price picture
The average home price in Edmonton rose in July due to the movement of luxury properties, pushed up by 2% from June and up 3% over June 2015, coming in at $384,504. Specifically, the detached sector is up the most at an average of $450,366. However, the median home price hasn’t changed from last month. Apartment condos dropped in price from June by 2% but has stabilized at $257,482 which is much the same average price as experienced in July 2015. In the attached sector, the average price in July was $348,050 which is 2% less than last year’s average in July and 1% less than the previous month.
Median prices paint a better picture
Edmonton’s average home prices fluctuated with the sale of luxury homes and condos, so the median price shows the true picture of how stable the market was last month. The median price across all market segments has hardly moved at all since July 2015, rising less than a percentage point. So, even though it’s taking a long time to get an offer, (56 days) homes are still selling at decent prices despite the huge inventory and vast selection available to buyers in the Edmonton market.
Sales in a slow July
After the rush of May and June, sales in July are historically low in Edmonton The REALTORS Association reports that 1,515 residential units were sold last month, which is 15% fewer sales than in June and 16% less than July 2015. The lion’s share of sales was in detached homes at 938 sales, a drop of 16% both month-to-month and year-to-year. There were 401 apartment condos sold in July, which is 13% less than in June and actually 25% fewer than June 2015. In looking at attached homes, there are 154 sales last month which is actually 11% more than what was reported last summer but 10% less than June 2016.
Time to sell
Edmonton home sellers had to sit around an average of 56 days last month to get an offer to stick on their property. This is three more days than the June average and six more days than July last year. Detached homes took 52 days, apartment condos 61 days and attached homes 57 days.
There were 7% fewer new listings to hit the market this July than there was the previous July and 5% fewer than June 2016. The total number of homes for sale in Edmonton last month was 8,048 which is 822 more properties than what was available for sale in July 2015.
July 2016 Change from June 2016 Change from July 2015
Detached Average: $450,366 +3.45% +3.07%
Detached Median: $407,000 +0.74% -0.25%
Condo Av Price: $257,482 -2.22% +0.05%
Condo Median Price: $243,000 -0.41% +5.65%
Residential Listings: 2,895 -4.80% -7.27%
Residential Sales: 1,515 -15.13% -16.39%Residential Inventory: 8,048 -1.60% +11.14%