“We can attribute much of the average price increase to the strength of high end home sales. When we look at the median price of residential properties, we see a clearer picture of what is happening to prices. The median sales price for all residential is up less than a percent from last year. We are continuing to see strong stable pricing throughout the Edmonton region despite slower sales,” explained Steve Sedgwick, chair of Realtors Association of Edmonton.
There was a 15 per cent drop in sales in the Edmonton CMA in July compared to June and year-over-year sales were down 16 per cent. Single-family homes sales were down 16 per cent in the month and from a year earlier; condo sales were down 13 per cent in the month and 25 per cent year-over-year.
Steve Sedgwick says that the drop is seasonal and says there is some good news for the market: “There is no question that the pace and volume of sales has dropped. The positive side of this is that there continues to be a good selection of inventory for buyers.”
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The average price of a home in Edmonton rose to $384,504 in July, up 3 per cent from a year earlier and 2 per cent from June however the increases do not tell the whole story.