Keith Madsen's Home Trends
K EITH M ADSEN
All Residential Average Unit Prices Decrease, Unit Sales Increase Month Over Month Edmonton, August 2, 2018 - In the Edmonton Census Metropolitan Area (CMA), the average all residential selling price decreased 3.63% compared to July 2017. Single family home average prices decreased 2.25% to $436,825 year over year. Condominium average prices 6.22% compared to July 2017. “The overall real estate market is softening as the summer selling season begins to slow,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “Average prices are decreasing and that may continue in the rest of the year due to the high inventory levels. It is important for sellers to be prepared to negotiate more and expect to be a bit more flexible with their property prices.” Inventory increased slightly in July, up 0.52% compared to July 2018. New listings increased 4.04% year over year. In total, there were 1,603 MLS® System listed properties sold in July 2018. Average days on market increased for most categories, indicating more of a buyers’ market for the Edmonton CMA. The average for single family homes was 52 days. For duplex/rowhouses, the average days on market was 61. Condominiums required 66 days on market. ~ Source REALTORS® Association of Edmonton Read the Full Market Analysis Call if you’d like to find out more about your home and neighbourhood.
*SFD = Single Family Dwelling *DOM = Days on Market Source: REALTORS ® Association of Edmonton Market values stated are of the average of Edmonton and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to- date evaluation of your home. Average Price SFD* $436,825 DOWN 2.25% (YOY) Average Price Condo $246,115 DOWN 6.22% (YOY) Average DOM 57 Sales to Listing Ratio 50%
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