The property scene in Edmonton continued its downward trajectory in October, with both sales and property prices down from last month. New data from the Realtor Association of Edmonton (RAE) also showed an overall dip from prices last year.
In its monthly update, RAE revealed that total residential sales in the Edmonton metropolitan area is down by 5.71% from last month, and 13.61% from October 2017. The average price of a residential unit of $358,000 is also down 4.01% from last month, and 3.08% from last year.
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It’s also taking longer for realtors to sell property. In terms of listings, a single family home will stay in the market an average of 62 days, which is one day more than last month and seven days more from last year. On the other hand, condominiums sold on average in 72 days, three days shorter compared to last month, but five days longer than last year.
“Some of the market decreases are a result of slower sales coupled with higher inventory and listings, as well, it is also common for both prices and sales to begin to decrease at this time of year due to seasonal market fluctuations.” said Darcy Torhjelm , chair at RAE.
“As we move towards the end of the year, we will likely see average days on market grow with inventory remaining higher.”
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