While the summer temperatures rose in July, housing prices cooled and
prices for all types of residential properties dipped slightly according to figures released by the
REALTORS® Association of Edmonton. Single family dwelling prices slid 3.1% while condo prices
were down 1.5% and duplex/rowhouse prices dipped just less than one percent. The all-residential
average price dropped just 1.7%.
"The number of homes in the inventory is giving buyers' choice," said Larry Westergard, president of
the REALTORS® Association of Edmonton. "As a result many buyers are taking their time and prices
are beginning to soften slightly. At the same time, some sellers who have been standing firm have
been pushed to discount their initial list price." Less than half of the active listings over 30 days have
had a price reduction. However, 93% of July sales sold below the list with about 40% having already
taken a price reduction.
Single family homes sold on average* for $378,979 in July; a reduction from the previous month but up
1.5% from what they sold for last year. Condominiums dropped in price slightly in July moving down
about 1.5% from June. The average condo price was $240,371 in July. The duplex/rowhouse average
price was also down 0.9% to $304,032 and the average residential price (including all types of
residential property) was down 1.7% since last month at $329,734.
The large inventory of 8,892 residential properties available at month end dampened both listings and
sales. New listings were off 15% from last month and 3.3% from last July. Sales dropped from 1,741 in
June to 1,294 in July (a 15% drop). The sales-to-listing ratio was 43.8% (down from June). As you
might expect, sales were also slower and the average days-on-market was up 4 at 51 days. "A well presented property with the right price might still attract multiple offers," said Westergard. "Most
buyers are receiving the expert advice of their REALTOR® and getting access to day-to-day changes
to numbers and sales results. It is critical that sellers remain in contact with their REALTOR® and be
prepared to modify the price as the market moves." Residential inventory is expected to follow a
seasonal trend and fall through the latter part of the year leading to a more balanced market and price
stability.
The REALTORS® Association of Edmonton, founded
in 1927, is a professional association of Brokers and
REALTORS® in the greater Edmonton area. The Board administers
the Multiple Listing ServiceŽ, provides professional
education to its members, and enforces a strict Code
of Ethics and Standards of Business Practice. The REALTORS® Association of Edmonton also advertises property listings and consumer information
on the Internet at www.realtor.ca
and www.ereb.com,
as well as in the Real Estate Weekly and on their web
site at www.rewedmonton.ca
for the benefit of REALTORS® and their clients. The REALTORS® Association of Edmonton supports charities involving shelter and the homeless
through the Edmonton Realtors’ Charitable Foundation
(ERCF).
¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices
