Sales prices are up in one struggling market, but those stats don’t provide the entire picture.
The average home price for homes in Edmonton jumped 2% month-over-month and 3% year-over-year in July to $384,504, but sales haven’t quite enjoyed the same rebound.
“The July slowdown 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 slowdown in July and August followed by an uptick in September,” Steve Sedgwick, REALTORS ® Association of Edmonton chair, said. “There is no question that the pace and volume of sales has dropped. The positive side of this is that there continues to be a good selection of inventory for buyers.”
And while the overall average home price has rebounded, not all property types have enjoyed the resurgence.
In July, there was a 2% month-over-month drop in the average condo price, with the average unit selling for $257,482.
The average duplex/rowhouse, meanwhile, had an average price of $348,050 last month – a 2% year-over-year drop and a 1% month-over-month dip.
“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 association said. “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.”