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Edmonton suffers noticeable year-over-year dip in home sales

The skyline of edmonton in the fall.

Residential real estate sales in Edmonton saw an 11% year-over-year decline last month, despite being 24% higher than activity in February 2018, according to new data from the Realtors Association of Edmonton.

Year-over-year sales results fell in particular for condominiums (down 15%) and duplexes-row houses (down 3%), with 1,655 March sales through the Multiple Listing Service and 7,963 properties available.

“We generally see housing market activity increase at this time of year,” Realtors Association of Edmonton chair Darcy Torhjelm said in a news release, as quoted by the Edmonton Journal.

However, Torhjelm hastened to assure that “despite the year-over-year decreases, the market is still growing relative to February 2018 in preparation for the spring buying season. Market growth should continue in the coming months.”

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Meanwhile, the average price for all residential property types went up by 0.77% from March 2017, led by a 1% increase in the value of an average single-family house (up to $444,091). The average condo unit sold for 3.5% less compared to the same time last year (down to $234,212).

The most expensive home sold in Edmonton last month cost $2.6 million. The most expensive locale in the area is the $12.8-million, 2.8-hectare Whitemud Drive estate owned by retired heart surgeon Dennis Modry, who developed condos on the property and then placed it on the market last December.

 

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About the Author

Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth. Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance. LinkedIn | Email  

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