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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 per cent while condo prices were down 1.5 per cent and
duplex/row house prices dipped just less than one percent. The
all-residential average price dropped just 1.7 per cent.
“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 per cent of July sales sold below the list with
about 40 per cent 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 1.5per cent from what
they sold for last year. Condominiums dropped in price
slightly in July moving down about 1.5 per cent from June. The
average condo price was $240,371 in July. The duplex/row house
average price was also down 0.9 per cent to $304,032 and the
average residential price (including all types of residential
property) was down 1.7per cent 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 per cent from last month and 3.3 per cent from last
July. Sales dropped from 1,741 in June to 1,294 in July (a 15
per cent drop). The sales-to-listing ratio was 43.8 per cent
(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.
Review these statistics and more at
www.ereb.com.
* Average prices indicate market trends only. They
do not reflect actual prices, which vary from house to house
and area to area. For information on a specific area, contact
your local REALTOR®.
The REALTORS®
Association of Edmonton (Edmonton Real Estate Board), founded
in 1927, is a professional association of Brokers and
Associates in the greater Edmonton area. The Association
administers the Multiple Listing Service®,
provides professional education to its members and
enforces a strict Code of Ethics and Standards of Business
Practice. The Association also advertises property listings
and publishes 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.
REALTORS® support charities involving shelter and
the homeless through the REALTORS® Community
Foundation. Trademarks are owned or controlled by The
Canadian Real Estate Association (CREA) and identify real
estate professionals who are members of CREA
(REALTOR®) and/or the quality of services they
provide (MLS®).
Contact:
Larry Westergard,
REALTOR®, 2010 President, (780) 462-5000
Ron Hutchinson,
C.A.E., Executive V.P., (780) 453-9340
Jon Hall, C.A.E.,
Manager Communications, (780)
453-9323
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