Homes in the Edmonton region did not sell quickly in August. But while sellers may not like that, the market is an attractive one for buyers, the Realtors Association of Edmonton reported last week.
The city now has a great selection of inventory available, a luxury it did not have last year, said Geneva Tetreault, chair of the association.
“A slower pace of sales, combined with growing inventories, are creating favourable conditions for entering the Edmonton market,” she said. “Buyers can take more time to select their home and have more choice than they would have last year.”
Tetreault said that slumping oil prices and the resulting economic downturn had an impact on the housing market and have slowed sales this year. But the Edmonton region continues to weather these changes better than other Alberta markets. New developments and projects keep the housing market moving, she said. She added that sellers should still get a good price for their houses.
Still, sales in the region lag behind last year’s in all areas of Edmonton except for duplex and rowhouses. That’s because more homes in those categories are now available and attractive to young buyers. Condos, however, do not sell well. Sales in the region dropped down 7.7 per cent from last August, except in St. Albert where sales were up.
In general, sales of residential properties in the region were down 5.6 per cent from August 2014. Only 884 single-family homes sold last month, compared with 1,111 a year ago. Prices are up, however. An average single family home in the region sold for an average of $439,829, up one per cent year-over-year.
In St. Albert, sales for single-family homes dropped to 63 in August, from 76 a year earlier and 73 in August 2013. The price of single-family homes went up here too. It now costs $506,920 on average to buy a house in the city, compared to $486,013 the same month last year.
Condos sold better than in the rest of the region. There were 20 sales last month, compared to 14 a year earlier and 37 sold in August 2013. The average price for a condo in St. Albert was $267,888 in August, up from $256,649 in 2013.
Average days on market for all residential properties were up in August at 54. There is now just under five months’ supply of inventory in the Edmonton region.
