New Report Shows Edmonton And Area Homes Steady But Sales Down 2016

New Report Shows Edmonton And Area Homes Steady But Sales Down 2016 - Edmonton Home Inspector | Admirable Inspection Services

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Home prices in the Edmonton area remained steady in September compared to a year ago, but sales continued to decline, a report by the Realtors Association of Edmonton shows.

While the average value of single-family homes is down slightly from the 2014 peak, condos remain the same and duplex row houses are up, association chair Steve Sedgwick said Tuesday.

“The real story here is how our average prices have remained virtually unaffected by the higher inventory and slowdown in sales,” he said.


Interesting piece on the state of Edmonton’s real estate market in 2016 by the Edmonton Journal. Prices are steady but sales are down and available home for sale are up.

Home prices in the Edmonton area remained steady in September compared to a year ago, but sales continued to decline, a report by the Realtors Association of Edmonton shows.

While the average value of single-family homes is down slightly from the 2014 peak, condos remain the same and duplex row houses are up, association chair Steve Sedgwick said Tuesday.

“The real story here is how our average prices have remained virtually unaffected by the higher inventory and slowdown in sales,” he said.

“We continue to see consistency in prices, without any huge spikes or dips.”

He doesn’t expect the region will see much fallout from federal moves this week to close a tax loophole used by foreign buyers and tighten mortgage rules.

But Sedgwick couldn’t explain why Edmonton has avoided a serious downturn so far, cautioning that lower prices are likely if sales remain slow.

“I don’t have a solid answer as to why Edmonton is not being as impacted with respect to pricing … Generally, when demand drops, the prices usually follow shortly thereafter,” he said.

“I think if we’re going to continue to see this trend for a longer duration, it’s inevitable there will be some type of price correction.”

Here’s the association’s assessment of regional housing market in September, by the numbers:

• $430,461: Average selling price for single-family houses

• $373,926: Average selling price for all home types

• 1.5: Percentage increase of selling price from September 2015

• 1,339: Total residential sales

• 8.4: Percentage drop of total sales from September 2015

• 327: Condominium sales

• 20: Percentage drop of condominium sales from September 2015

• $251,365: Average condo selling price

• 7,857: Number of residential properties for sale

• 10.5: Percentage increase in number of properties sold from September 2015

gkent@postmedia.com

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