Home sales and prices in city take a tumble

Home sales — and prices — in Edmonton have taken a hit, the latest figures show.

Total residential unit sales sunk 13.61 per cent year over year, said the Realtors Association of Edmonton in figures released Friday.

Single family home sales are down 14.86 per cent compared to October 2017 while duplex/row houses dropped a whopping 30.77 per cent year over year.

Condominiums were down 4.92 per cent relative to October 2017. Average prices also fell. The all residential average price was $358,954, a monthover-month drop of 4.01 per cent — and year-over-year decrease of 3.08 per cent.

The average price of a single family home was $425,864, a drop of 1.30 per cent compared to October 2017.

Duplex/row houses fell 2.21 per cent year over year, to an average price of $333,215.

Condominiums also decreased to an average price of $221,293, down 8.80 per cent compared to October 2017.

“Some of the market decreases are a result of slower sales coupled with higher inventory and listings, as well, it is also common for both prices and sales to begin to decrease at this time of year due to seasonal market fluctuations,” said Darcy Torhjelm of the Realtors Association of Edmonton.

“As we move towards the end of the year, we will likely see average days on market grow with inventory remaining higher.”

Average days on the market rose to 62 days for single family homes, a one-day increase compared to September 2018 or seven days compared to October 2017.

For duplex/row houses, average days on the market was five days longer, year over year.

Condominiums sold on average in 72 days, three days shorter compared to September 2018 but five days longer relative to October 2017.

Some of the market decreases are a result of slower sales coupled with higher inventory and listings.