Edmonton house prices on downward trend: report

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Home prices in the Edmonton region were lower last month compared to June 2017, the Realtors Association of Edmonton reports.


Perry Mah / Perry Mah/QMI Agency

Home prices in the Edmonton region are down from one year ago as sales continue to drop, statistics released Wednesday show.

The average selling price for all types of housing was $377,880 in June, a decrease from $393,468 in June 2017, according to the latest figures from the Realtors Association of Edmonton.

Condominiums were hardest hit, with average year-over-year prices off 8.6 per cent to $238,141, while the value of single-family homes was down 2.4 per cent to $443,210.

At the same time, condominiums spent an average of 67 days on the market, five days longer than one year earlier, and it took 50 days to sell a single-family home, four days more than in June 2017.

“Average prices are remaining stable, however sales are slower than typical for this time of year,” association chairman Darcy Torhjelm said in a news release.

“With increasing inventory and days on market, coupled with decreasing sales, sellers will need to be patient and consider their homes’ competitive advantages to stand out in the current buyers’ market.”

In January, the association predicted prices for all types of residential real estate in the region would move 0.87 per cent lower in 2018.

Figures for the first half of the year show average prices are down 0.85 per cent.

gkent@postmedia.com

twitter.com/GKentYEG



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July 5, 2018 |

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