The housing market in the Edmonton region managed some stability in the face of several key challenges in 2018.
Average and median prices were stable even as sales declined and inventory rose.
The Realtors Association of Edmonton says that year-to-date unit sales were down 5.57% compared to 2017, to a total of 15,519 residential units. Sales of single family homes were down 4.36%, condominium unit sales were down 7.73% and duplex/rowhouse unit sales decreased 8.63%.
Sales volume in 2018 was also down 6.78% to $5.73 billion compared to $6.15 billion in 2017.
Average sale price was $369,607, 1.28% lower than in 2017 with single family home prices down 0.85% to $434,028; condos down 4.9% to $236,008; and duplex/rowhouses down 1.75% to $342,150.
“The real estate market in 2018 experienced record-high inventory levels, rising interest rates and the effect of the mortgage stress test, resulting in lower sales in all property categories,” says Realtors Association of Edmonton Chair Michael Brodrick. “It was a challenging market for both buyers and sellers and it appears 2019 will be similar.”
Listings for December 2018 decreased 43.09% from the previous month, and decreased 3.85% year-over-year. End of month inventory decreased 9.69% month-over-month and increased 10.83% year-over-year.
Sales decreased 30.13% from November and decreased 19.65% compared to December 2017. Average prices were mostly stable, decreasing 0.02% to $360,450 month-over-month and increasing 1.03% year-over-year.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate