The Edmonton real estate market appears to have good news for people who are looking for a new home in the city. The inventory here has been on the rise for some time now, giving buyers lots of options. In addition, sales are down, reducing some of the power that sellers may have wielded during a banner year like 2017.
There were 15,519 homes sold in the Edmonton area in 2018. This was down 5.57% compared to last year. Condos and duplexes took a bigger hit in this market than detached homes. Condo sales dropped 7.73% and duplexes and rowhouses fell by 8.63%, compared to only a 4.36% drop-off in sales figures for detached, single-family homes.
Listings Extremely High in Edmonton at Present
The big story in the Edmonton market at the end of 2018 has to be the high number of listings on offer in the city. The number of active listings there topped 6,000 at the end of the December. This is the highest number of listings that have been available in the city in over a decade, and this factor is likely to be a driving factor in the market in the months ahead.
As a result of slowing sales coupled with the dramatic increases in listings, the number of months of inventory in the city is also at a ten-year high. There are nearly nine months of inventory available at current sale rates, while the highest previous level in the last ten years sat at just below seven months. It is also worth noting that homes are staying on the market longer now, with the average number of days on market clocking in at 62, compared to 59 days in 2017.
Prices Not Reflecting Other Trends Just Yet
While some of these patterns might cause one to suspect a drop in the prices of homes in Edmonton, that hasn’t been born out just yet. The average price of a home sold during the year was $369,607, down only 1.28% compared to last year. The price drop was more prominent in condo prices, where the new average of $236,008 is a 4.9% drop compared to the previous year. On the other hand, single-family homes had an average price of $434,028, and only dropped by 0.85% year-over-year.
Overall, if the trends currently in place hold in Edmonton, buyers should not be surprised to see prices start to drop. If nothing else, the longer homes sit on the market and the more options buyers have, the more the power is going to shift towards them.
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