June 2018: In the Edmonton Census Metropolitan Area (CMA) in June 2018, the all residential average selling price was $377,880, increasing 0.20% compared to May 2018 and decreasing 3.96% compared to June 2017. The average price of a single family home was $443,210, an increase of 0.19% month over month and a decrease of 2.37% year over year. Condominium average prices decreased 1.42% compared to May 2018 and decreased 8.55% relative to June 2017. Duplex/rowhouse average prices decreased 0.61% month over month and decreased 1.64% year over year.
Unit sales activity for June 2018 decreased in all categories. Single family home sales decreased 4.91% month over month and 10.27% year over year. Condominium sales decreased 7.78% relative to May 2018 and 9.59% compared to June 2017. Duplex/rowhouse sales decreased 4% month over month and 7.18% year over year. Overall, the all residential sales were down 5.52% compared to May 2018 and down 9.83% compared to June 2017.
As always there are those that will read the market trends in a very dark and depressing way. There are does that would like to see the prices of homes drop down to nothing, as if they didn’t have a home of their own, not that will every happen. There are those that see opportunity even in a difficult market, yes there will be home sellers who will have to postpone their dreams of moving due to lack of equity from their existing homes. Some home buyers are forced to settle for a lower price range due to new qualification rules, but we still see an active and competitive market in the resale home mostly in the central and mature areas, Home builders and renovators recognize the demand for newer product within those areas and are more than willing to fight for the right property. Investors are taking advantage of abundance of inventory of properties with rental revenue potential. Everyone’s needs are different if you would like to discuss your future plans, I will be more than happy to find the time to speak with you on the phone or meet in person. Peter Kubiczek Keystone Realty 780-456-6300.
New listings in June 2018 decreased 11.22%, while increasing 8.10% compared to June 2017. Inventory is also still higher, with an increase of 6.40% compared to May 2018 and an increase of 15.28% compared to June 2017.
The average days on market for all residential properties increased slightly for June 2018, increasing to 56 days over 53 days the previous month and year. It took a little longer for single family homes and condominiums to sell this month as well. For single family homes, it took an average of 50 days, which was an increase from 46 days month for both over month and year over year. The average days on market for condominiums was 67 days, an increase from 66 in May 2018 and from 62 days in June 2017. The only category to decrease was duplex/rowhouses, taking 57 days in June, which was down from 59 days in May 2018 and 62 days in June 2017.