Inventory On The Rise While Prices Remain Stable!

Wow! What is going on with the housing market? The residential inventory is at the record high yet the prices remain stable, especially for single detached home. Are we about to experience a soft decline?

The average price for a single family detached home in May of 2018 was $442,348 up by 3.08% from last month and up by 0.4% from May of 2017. The condo prices were down by 2.36% at 241,571 from $247,405 last month. Total of 1,776 residential properties have sold in the 5th month of 2018, 14.2% more than in April and 3.6% less than in same period last year. The inventory increased to 9,859 residential properties available compared to 8,788 last months and 8,385 in May of 2017. Average Days-On-Market were down by 4 days at 53.

All the information in this article has been provided by Realtors® Association of Edmonton!