Residential prices in the Edmonton metropolitan area continue to fall, according to a report by the Realtor Association of Edmonton.
The report revealed that the average home price in Edmonton was down from last year. Sales are also down and, on average, residential listings remain in the market longer from last 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.” said Darcy Torhjelm, chair at the Realtor 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.”
In its report, RAE revealed that total residential sales in the Edmonton metropolitan area is down by 5.71% from last month, and 13.61% from October 2017. The average price of a residential unit of $358,000 is also down 4.01% from last month, and 3.08% from last year.
In terms of listings, a single family home will stay in the market an average of 62 days, which is one day more than last month and seven days more from last year.
On the other hand, condominiums sold on average in 72 days, three days shorter compared to last month, but five days longer than last year.