Edmonton Real Estate Market Update – Tremendous Turn Around
In the summer market, we are beginning to see a tremendous turn around in Edmonton home sales. More buyers are coming onto the market given the fact that there is a lot of inventory. We feel it is going to be a great second half of the year. In the last week, we have seen many homes going pending and or sold. For first time home buyers or Edmonton real estate investors, opportunities await.
Ready to start your home search – browse all available Edmonton Home Listings!
Taking a look back at the July Market for Edmonton Real Estate, the EREB felt:
“Edmonton, August 4, 2010: 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%.
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.”
| July 2010 activity | Record for the month* |
% change from July 2009 |
| Total MLS® System sales this month | 1,476 | -40.80% |
| Value of total MLS® System sales – month | $497 million | -40.50% |
| Value of total MLS® System sales – year | $3.98 billion | -8.20% |
| Residential¹ sales this month | 1,294 | -43.20% |
| Residential average price | $329,734 | 1.50% |
| SFD² average selling price – month | $378,979 | 1.52% |
| SFD median³ selling price | $360,000 | 3.45% |
| Condo average selling price | $240,371 | -1.43% |
¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices
* 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 the Terry Paranych Team today.
August 13th, 2010 at 7:01 pm
[...] is a lot of inventory. We feel it is going to be a great second half of the year. In the … Terry Paranych’s Real Estate Blog This entry was posted in Edmonton Real Estate and tagged Around, Edmonton, Estate, Market, Real, [...]
September 10th, 2010 at 2:54 pm
[...] With well over 10,000 properties for sale we’re seeing a lot of buyers jump back into the market. Activity has been picking up since the end of August. [...]