SEPTEMBER HOME PRICES FLAT AS LOCAL SALES DROP SHARPLY
Home prices in Edmonton held relatively steady in September despite nearly a double-digit sales decline, MLS figures released Friday by the Realtors Association of Edmonton show.
The average residential price for the Edmonton census metropolitan area last month was $368,874, down 0.75 per cent year-over-year.
A single-family home sold for an average of $432,150, a decrease of 0.98 per cent from a year ear- lier. The average condo price fell 1.05 per cent in the same period to $252,953. Duplexes and row houses performed better, selling for an average of $364,203, up 4.28 per cent year-over-year.
Residential sales during September fell 6.76 per cent compared to a year ago. In the single-family home category, the drop was 9.72 per cent and condo sales were down 9.07 per cent.
Duplexes and row houses again bucked the trend, with sales up 17.21 per cent year-over-year.
Geneva Tetreault, the associa- tion’s chairwoman, said the price strength showed the stability of the market.
“Buyers continue to see the benefits of a healthy inventory, but we haven’t seen many sellers dropping prices significantly to compete,” Tetreault said in a written statement accompanying the statistics.
Lower sales reflect a much higher stock of homes on the market, she said. At September’s end, the inventory had more than 7,100 properties, up about 48 per cent year-over-year.
“Last year’s market and its low inventory made buyers feel pressure to jump into an offer if they found something they like. We are seeing buyers take a little more time in the decision-making process this year.”
Tetreault said she expects prices to dip more as winter arrives. “Real estate in Edmonton has a very seasonal trend and colder months always mean fewer sales. We may see buyers take advantage of this trend and benefit from low interest rates while they still can.”