The average selling price of all residential properties in the Edmonton area fell 1.4 per cent in July, the Realtors Association of Edmonton says.
Photograph by: Sean Kilpatrick , THE CANADIAN PRESS
EDMONTON - The average selling price of all residential properties in the Edmonton area fell 1.4 per cent to $372,910 in July, the Realtors Association of Edmonton said Tuesday.
“This small dip in prices is expected due to our higher inventory and lower sales numbers,” association chairwoman Geneva Tetreault said in a news release.
“The wait-and-see attitude of buyers seems to be diminishing, but people continue to be cautious.”
Residential inventory in the Edmonton census metropolitan area to the end of July was 7,226 properties — 28.8 per cent higher than the 5,609 properties available in July 2014.
The average selling price of single family homes fell 1.8 per cent in July to $436,948, the association said.
Condo prices increased 0.4 per cent to an average $256,708. Duplex/row house unit selling prices increased 1.4 per cent to an average $356,237.
Total July sales were down 9.8 per cent compared to June and 2.8 per cent lower than in July 2014.
Homes that sold in July spent an average 50 days on the market, up from 46 a year ago. Single family homes that sold in July had been on the market an average 48 days.
Condominiums that sold in July had been on the market an average 54 days. Year to date, the number of condo sales is down 14 per cent while listings in that category are up 17 per cent.
Duplex and row houses sold in an average 43 days. The number of sales in that category to the end of July is six per cent higher than for the same period last year.
Higher-priced properties are keeping pace with 2014 sales. Through July, 73 properties had been sold for $1 million or more, the same as in the first seven months of 2014.