The residential inventory has been rising for a while now and number of sales is slightly lower in June. These two factors are definitely adding pressure to the sellers who may be inclined to lower the price in order to sell. While supply of homes and condos in the Great Edmonton real estate market is increasing, the prices so far remain almost unchanged. Sooner than later, something has to give. Also, Bank of Canada just increased the rates again which is definitely not helping current situation. On the positive note, we still have a stable economy and Edmonton's housing market which is rather inexpensive compared to other cities.
The average price for a single family detached home in June of 2018 was $443,210 up by 0.19% from last month and down by 2.37% from June of 2017. The condo prices were also down by 1.42 % at 238,141 from $241,571 last month. Total of 1,678 residential properties have sold in the 6th month of 2018, 5.51% less than in May and 9.83% less than in same period last year. The inventory increased to 10,230 residential properties available compared to 9,859 last months and 8,586 in June of 2017. Average Days-On-Market were up by 3 days at 56.
All the information in this article has been provided by Realtors® Association of Edmonton!
Blog Author: Derek Hulewicz, REALTOR® at RE/MAX Real Estate Edmonton phone: 780-220-4224