Single family unit sales down 10.27% relative to 2017; average days on market increasing
Edmonton, July 4, 2018: In the Edmonton Census Metropolitan Area (CMA) in June 2018, the all residential average selling price was $377,880, increasing 0.20% compared to May 2018 and decreasing 3.96% compared to June 2017. The average price of a single family home was $443,210, an increase of 0.19% month over month and a decrease of 2.37% year over year. Condominium average prices decreased 1.42% compared to May 2018 and decreased 8.55% relative to June 2017. Duplex/rowhouse average prices decreased 0.61% month over month and decreased 1.64% year over year.
Unit sales activity for June 2018 decreased in all categories. Single family home sales decreased 4.91% month over month and 10.27% year over year. Condominium sales decreased 7.78% relative to May 2018 and 9.59% compared to June 2017. Duplex/rowhouse sales decreased 4% month over month and 7.18% year over year. Overall, the all residential sales were down 5.52% compared to May 2018 and down 9.83% compared to June 2017.
"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."
New listings in June 2018 decreased 11.22% relative to May 2018, while increasing 8.10% compared to June 2017. Inventory is also still higher, with an increase of 6.40% compared to May 2018 and an increase of 15.28% compared to June 2017.
The average days on market for all residential properties increased slightly for June 2018, increasing to 56 days over 53 days the previous month and year. It took a little longer for single family homes and condominiums to sell this month as well. For single family homes, it took an average of 50 days, which was an increase from 46 days month for both over month and year over year. The average days on market for condominiums was 67 days, an increase from 66 in May 2018 and from 62 days in June 2017. The only category to decrease was duplex/rowhouses, taking 57 days in June, which was down from 59 days in May 2018 and 62 days in June 2017.