Both sales and prices decreased in the Edmonton CMA in October as inventory increased and seasonal fluctuations slowed the market.
Overall residential unit sales declined 5.71% month-over-month and 13.6% year-over-year. Meanwhile, the average price of $358,954 was a decrease of 4.01% month-over-month and a 3.08% decrease year-over-year.
“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.”” says Realtors Association of Edmonton Chair Darcy Torhjelm. “As we move towards the end of the year, we will likely see average days on market grow with inventory remaining higher.”
Single-family home sales were down 9.71% compared to September 2018, and down 14.86% compared to October 2017. The average price of a single family home was $425,864, a decrease of 1.36% compared to September 2018 and decrease of 1.30% compared to October 2017.
Duplex/rowhouses decreased 20.16% month-over-month and 30.77% year-over-year. Prices decreased 3.45% month-over-month and 2.21% year-over-year, to an average price of $333,215.
Month-over-month unit sales of condominiums increased 8.80% and decreased 4.92% year-over-year. The average price decreased to $221,293, down 8.16% compared to September 2018 and down 8.80% compared to October 2017.
Listings decreased 3.22% and inventory decreased 2.68% month-over-month. New listings increased 4.05% and inventory increased 8.50% year-over-year.