The all residential average sale price for the month of July remains strong at $384,504 while single family homes saw an increase in average price of 3% to $450,366. Although overall condo sales were 30% lower last month than they were in July, 2015, the average condo sale price remains roughly the same, while the median sale price increased by 6.1%.
“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,” says REALTORS® Association of Edmonton Chair, Steve Sedgwick.
All residential sales in the Edmonton Census Metropolitan Area (CMA) saw a decrease, with 1,515 total residential units sold compared to 1,927 in July, 2015. The average home in the Edmonton CMA took 56 days to sell, which is up five days from July, 2015.
As for overall listings, there were 2,895 new residential listings last month, down just over 7% from the year before.
“The July slow down in unit sales is typical. May and June remain the busiest months of the year when it comes to sales volume. Every year we traditionally see a slow down in July and August followed by an uptick in September,” says Sedgwick.
The good news is that despite the July slow down in sales, the market continues to offer a good selection of inventory to buyers.