Softening July Market for Edmonton
Tue, 14 Aug“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.
City of Edmonton average price fell .6% month over month and 2.9% year over year. Single Family dwellings dropped 1.1% but stayed the same month over month. And condos dropped 7.3% year over year and were up 4.5% month over month. Duplex/Rowhouses showed a .1% increase year over year but a 2.5% drop month over month.
Inventory levels are in a balanced market position with the exception of condos which are favoring buyers with over 8 months of inventory.
This is now the second month in a row prices have decreased month/month and year over year. Only time will tell if this is just a seasonal softening or if it will be realized for the near future.
Whether you are looking to buy or sell, call me for professional representation.