The summer was a busy one for realtors and home buyers alike but now residential sales across the Edmonton region are starting to slow down, the Realtors Association of Edmonton reported in a press release this week.
Population growth and a strong economy have added pressure on housing stocks for most of the summer. This forced real estate prices and sales volumes up, and shortened the time it took to sell a home.
While new customers continue to enter the market, sales are now slowing as available inventory has become tighter, says Greg Steele, president of the realtors association.
"Our members are kept busy finding and selling homes for our clients," he says.
"There has been some pressure this summer with tight inventory of available homes and lots of new customers but low interest rates and new construction are enabling people to find a suitable home in the Edmonton area."
Average sales for single family homes in St. Albert dropped by almost 30 per cent compared to July, and almost 10 per cent compared to August 2013.
Sixty-six single family homes were sold last month, compared to 94 in July. Seventy-three homes were sold in August 2013.
The average price for singles last month was $479,131, up 6.4 per cent from July. In August 2013, the average price was $472,475.
Condominium sales dropped as well, to 14 sales in August from 32 in July. The average selling price of condominiums last month was $256,649, down 6.5 per cent from July.
Edmonton region
Residential sales in the Edmonton region were also down compared to July from almost 2,000 to 1,552. Single family home sales were down 15.4 per cent, while condo sales dropped by 20.8 per cent.
Total sales were down six per cent when compared to August 2013.
Average days on market were 49 days in August compared to 53 last year.
