July 2019 Edmonton Market Statistics!
Here is your Edmonton Housing Market Update for July 2019!
We had 1338 homes sell in July and that is an increase of almost 10% vs last year and it is up 5.77% vs June where we had 1265 homes sell. We are now just over half way through the year and Year to date we have 7245 home sales and that is down just 1.28% from last year. To me this means that confidence is back in our market and I expect to see sales stay strong until that dreaded white stuff arrives….
We have 6617 homes for sale right now (that is houses, condominiums, and duplexes) and that is down by nearly 13% from last year and down 3.06% from last month!! This is a trend that we would like to keep seeing to help balance our market! We have been battling excess inventory for well over a year now. The absorption rate is just under 5 months! That is if we take our total inventory and divide by the sales for the last month we get 5 months to sell off all the homes that are on the market currently, if sales stayed the same and no new homes were listed for sale.
If we look at prices – The average price paid for a single family home is up from June by 1.18% to $437,620 but that is a decrease of 3.12% from last year! AM I CONCERNED ABOUT THAT? NO! – That is just the average that people paid in the month and maybe a few more lower priced homes sold, but 1% is not anything to be concerned about, at least the number of homes sold was up !
Condominium prices are down by 8% vs June and 11.78% vs last year! The average sale price was $217,749!!! AGAIN we have too much inventory in the condo dept. real estate is supply and demand based and prices fall when supply is high and demand is low.
Duplex and rowhouse prices are down 2.53% from last year and down marginally just over a quarter percent from June to $343,232 in July
SO WHAT DOES THIS MEAN TO YOU? IF YOU ARE A BUYER, THERE ARE STILL LOTS OF GREAT HOMES TO LOOK AT AND YOU CAN PROBABLY GET A GREAT PRICE ON ONE!! INTEREST RATES ARE UNDER 3%! GET INTO THE MARKET SOON BEFORE INVENTORY GOES DOWN AND PRICES GO UP, OR INTEREST RATES GO UP! IF YOU ARE SELLING YOUR HOME, MAKE SURE IT IS PRICED APPROPRIATELY, LOOK AT YOUR COMPETITION VERY CLOSELY! DOES YOUR HOME SHOW PERFECTLY FOR EVERY SHOWING, DO YOU HAVE PROFESSIONAL PICTURES AND VIDEO SHOWCASING YOUR HOME TO EVERY POTENTIAL BUYER?
Overall all of the lucky homes to sell in July had been listed an average of 63 days and that is more than last year at the same time, single family homes took 58 days and condos took 69 days to sell in July.
Now just for fun – the highest selling detached house sold in July for $1,705,000, that was a 4220 sq ft 2 storey in Windermere! And the highest condominium sale price in July was $1,057,500 that was an 1830 sq ft home on the 19th floor in Garneau on Saskatchewan Drive, and the condo fee was just $1228 a month!
I hope this was informative for you, if you have any questions about the real estate market, or you are thinking of buying or selling and would like to sit down with me, just give me a call – it would be my pleasure to assist you. Call Patrick Fields direct at 780.915.2056